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WAEC Financial Accounting 1993 Question 14

Question 14

Not-for-Profit Organisations

The equivalent of a Club's Receipt and Payment Account is

  1. A.Cash Account
  2. B.Revenue Account
  3. C.Trading Account
  4. D.Suspense Account
  5. E.Profit and Loss Account.
Show the answer and explanation

Answer: A (Cash Account)

Explanation

A receipts and payments account is a summary of cash in and out, like a cash account.