Receipt and payments account is a summary of the?
FINANCIAL
JAMB 2009
Receipt and payments account is a summary of the?
- A. budget
- B. trading account
- C. cash book
- D. profit and loss account
Correct Answer: C. cash book
Explanation
A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account. It is the equivalent of a cashbook
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