Which of the following statements is not true of a non-profit making organization?

Accounts - Principles of Accounts WAEC 1991

Which of the following statements is not true of a non-profit making organization?

  • income and expenditure account is prepared
  • income and expenditure account excludes accruals and prepayments
  • Income and expenditure account excludes capital receipts and capital payments
  • receipts and Payments account is a substitute for expenditure account checkmark

The correct answer is: D

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