Which of the following statements is not true of a non-pr...
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
Correct answer is D
No explanation has been provided for this answer.
Trading Account (Extract) .................N.............................N...... Opening stock.....
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \t...
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...
In which of the following accounts is interest on partners capital found? ...