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Receipt and payments account is a summary of the?

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Accounts - Principles of Accounts JAMB 2009

Receipt and payments account is a summary of the?

  • budget
  • trading account
  • cash book checkmark
  • profit and loss account

The correct answer is: C

Explanation

A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account. It is the equivalent of a cashbook

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