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WAEC Financial Accounting 2021 Question 29

Question 29

Not-for-Profit Organisations

All cash transactions of a not-for-profit making organization are recorded in

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

Answer: D (receipts and payments account.)

Explanation

The receipts and payments account summarises all the club's cash and bank transactions.