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JAMB Principles of Accounts 2010 Question 31

Question 31

Not-for-Profit Organisations

The equivalent of a club's receipts and payment account is the

  1. A.trading account
  2. B.revenue account
  3. C.cash account
  4. D.suspense account.
Show the answer and explanation

Answer: C (cash account)

Explanation

A receipts and payments account is a summary of cash received and paid, like a cash account.