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WAEC Financial Accounting 2013 Question 38

Question 38

Not-for-Profit Organisations

In a not-for-profit making organization, the cash book is referred to as

  1. A.income and expenditure account.
  2. B.receipts and payments account.
  3. C.two column cash book.
  4. D.petty cash book.
Show the answer and explanation

Answer: B (receipts and payments account.)

Explanation

A club's receipts and payments account is a summary of its cash book.