passwella.
Menu

WAEC Financial Accounting 2003 Question 22

Question 22

Not-for-Profit Organisations

Which of the following is found in a Receipts and Payments Account?

  1. A.Accruals
  2. B.Prepayments
  3. C.Depreciation of fixed assets
  4. D.Purchase of fixed assets.
Show the answer and explanation

Answer: D (Purchase of fixed assets.)

Explanation

It records actual cash paid, including for fixed assets; accruals, prepayments and depreciation are not cash.