BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Balance sheet
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Income and Expenditure
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Receipts and Payments account
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Receipts and Expenditure account
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Detailed explanation-1: -“A receipt and payment account is a summarized cash book for a given period”.”This is a summary of the cash transactions as in the cash book”. Non-profit organizations prepare receipt and payment account at the end of the year.
Detailed explanation-2: -The Receipt and Payment Account is the summary of cash and bank transactions which helps in the preparation of Income and Expenditure Account and the Balance Sheet.
Detailed explanation-3: -The receipts and payments account is the summary of cash and bank transactions which helps in the preparation of income and expenditure account.
Detailed explanation-4: -Receipts and payments account is a summary of cash book.
Detailed explanation-5: -A receipt and payment account is a summarized cash book. It records all cash transactions whether it is revenue nature or capital nature. The Receipt and Payment account has debit side to record all receipts and credit side to record all payments made by not for profit organisation during a year.