One of the options below have the same features as the profit and loss account in non-profit organization
-
A.
Income and expenditure account -
B.
profit and loss account -
C.
receipts and payment account -
D.
Non profit account
Correct Answer: Option 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