The similarities between Receipts and payments and income and expenditure account is
FINANCIAL
JAMB 2019
The similarities between Receipts and payments and income and expenditure account is
- A. Both accounts follows the principle of double entry
- B. They are summaries of financial statements
- C. Both include capital items
- D. Both are prepared by non-profit making concern
Correct Answer: C. Both include capital items
Explanation
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.
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