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JAMB Principles of Accounts 1999 Question 28

Question 28

Not-for-Profit Organisations

Receipts and payments account of a non-profit making organization is principally a summary of the

  1. A.bank entries
  2. B.cash book entries
  3. C.expenditure entries
  4. D.balance sheet entries.
Show the answer and explanation

Answer: B (cash book entries)

Explanation

The receipts and payments account summarises the cash book.