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WAEC Financial Accounting 2010 Question 19

Question 19

Not-for-Profit Organisations

Which of the following is the equivalent of the Receipts and Payments Account?

  1. A.Income and Expenditure Accounts
  2. B.Cash Book
  3. C.Subscriptions Account
  4. D.Profit and Loss Account
Show the answer and explanation

Answer: B (Cash Book)

Explanation

A receipts and payments account is a summary of cash received and paid, like a cash book.