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UI Post-UTME Financial Accounting 2024 (Model questions) Question 12

Question 12

Not-for-Profit Organisations

The receipts and payments of a club is the same as

  1. A.Profit and loss account
  2. B.Trading Account
  3. C.Cash book
  4. D.Control Account
Show the answer and explanation

Answer: C (Cash book)

Explanation

A receipts and payments account summarises cash received and paid, just like a cash book.