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JAMB Principles of Accounts 2009 Question 31

Question 31

Not-for-Profit Organisations

Receipts and payments account is a summary of the

  1. A.budget
  2. B.trading account
  3. C.cash book
  4. D.profit and loss account
Show the answer and explanation

Answer: C (cash book)

Explanation

A receipts and payments account summarises the cash book of a club for the period.