Under the framework applicable to not-for-profit organisations in Nigeria, which of the following best describes the principal financial statement prepared by a club or association to show the results of its activities for a period?

Not-for-profit organisations such as clubs and associations prepare an Income and Expenditure Account (equivalent to the profit and loss account of a business) which records all revenue income and revenue expenditure on an accruals basis to arrive at a surplus or deficit. The Receipts and Payments Account is merely a summary of cash transactions and is not the principal performance statement. The accumulated fund (not retained earnings) is used in the balance sheet of such organisations.