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JAMB Principles of Accounts 2003 Question 38

Question 38

Not-for-Profit Organisations

Receipts and payments account is the summary of

  1. A.income and expenditure
  2. B.cash book
  3. C.balance sheet
  4. D.profit and loss
Show the answer and explanation

Answer: B (cash book)

Explanation

A receipts and payments account summarises the cash book: all cash received and paid in the period.