The equivalent of a club’s receipts and payment account is the?

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Accounts - Principles of Accounts JAMB 2010

The equivalent of a club’s receipts and payment account is the?

  • trading account
  • revenue account
  • cash account checkmark
  • suspense 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.  Its equivalent is a cashbook

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