Receipts and payment account is a summary of ______
A)Income and expenditure
B)Profit and loss
C)Cashbook
D)Balance sheet

Question

Quizplus · Accepted Answer

Receipts and Payment Account is essentially a summary of the cashbook, showing cash transactions (receipts and payments) over a period, typically for a non-profit organization. It does not adjust for accruals, prepayments, or capital and revenue items, making it distinct from income and expenditure accounts, profit and loss accounts, or balance sheets.

Receipts and Payment Account Is a Summary of ______