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JAMB Principles of Accounts 2010 Question 32

Question 32

Not-for-Profit Organisations

The summary of receipt and payments account represents

  1. A.cash at hand
  2. B.journal proper
  3. C.general journal
  4. D.ledger accounts
Show the answer and explanation

Answer: A (cash at hand)

Explanation

Its closing balance shows the cash (and bank) the club holds.