The loss made by a non-trading organization is called

Assessment: WAEC SSCE - Financial Accounting - 1998 (Objective) Subject: Financial Accounting

Question 1 Report

The loss made by a non-trading organization is called
Answer Details
The loss made by a non-trading organization is called a deficit. A non-trading organization is an organization that does not engage in buying and selling activities to make a profit, such as a charity or a government agency. If the expenses of the organization exceed its income, it will incur a deficit. This means that it has a negative balance in its accounts and owes more than it owns. The deficit can be financed by drawing on reserves, borrowing or fundraising.
Read lesson note on Accounts Of Not-for-profit Making Organizations (WAEC)
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