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WAEC Financial Accounting 1997 Question 9

Question 9

Not-for-Profit Organisations

A Receipt and Payments Account reveals

  1. A.net profit
  2. B.surplus
  3. C.cash in hand
  4. D.gross profit
  5. E.net loss.
Show the answer and explanation

Answer: C (cash in hand)

Explanation

A receipts and payments account is a summary of cash, so its closing balance is the cash (or bank) in hand.