WAEC Financial Accounting 2014 Theory question 103

(a) Receipts and payments account (any three): summary of the cash book of a non-profit organisation; records only actual cash/bank receipts and payments; includes both capital and revenue items; starts with an opening balance and ends with a closing cash balance (asset); no adjustment for accruals or prepayments.
(b) Income and expenditure account (any three): prepared by non-profit organisations; records only revenue income and expenditure of the period; adjusted for accruals, prepayments and depreciation; its balance is a surplus or deficit transferred to the accumulated fund.
(c) Trading account (any three): compares net sales with cost of goods sold; includes opening and closing stock, purchases, returns and carriage inwards; its balance is gross profit or gross loss; prepared by trading businesses.
(d) Profit and loss account (any three): starts with gross profit; adds other incomes (discounts received, rent received); deducts operating expenses (selling, administrative, financial); balance is net profit or net loss transferred to capital/appropriation; adjusted for accruals and prepayments.
(e) Partnership appropriation account (any three): begins with net profit (or loss) from the profit and loss account; adds interest on drawings; deducts interest on capital, partners' salaries and commission; shares the residual profit or loss in the profit-sharing ratio.

Give three distinct points for each statement; one line each is enough.