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One of the options below have the same features as the profit and loss account i...


Question

One of the options below have the same features as the profit and loss account in non-profit organization

Options

A)
Income and expenditure account
B)
profit and loss account
C)
receipts and payment account
D)
Non profit account

The correct answer is A.

Explanation:

Income and expenditure : This is the type of account that operate same features as the profit and loss account it takes in consideration all arrears and prepayments

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Dicussion (1)

  • Income and expenditure : This is the type of account that operate same features as the profit and loss account it takes in consideration all arrears and prepayments

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