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WAEC Financial Accounting 2003 Question 21

Question 21

Not-for-Profit Organisations

In a not-for-profit making organization, the cash book is summarised in the form of

  1. A.Balance Sheet
  2. B.Income and Expenditure Account
  3. C.Receipts and Expenditure Account
  4. D.Receipts and Payments Account
Show the answer and explanation

Answer: D (Receipts and Payments Account)

Explanation

The receipts and payments account is a summary of the cash book.