Differences Between Receipts And Payment Accounts And Income And Expenditure - SS2 Accounting Past Questions and Answers - page 1

Receipts and payments accounts are cash-based, while income and expenditure accounts are accrual-based.

Receipts and payments accounts only show income earned and expenses incurred, while income and expenditure accounts show all cash inflows and outflows.

Receipts and payments accounts show the actual cash balance of an organization, while income and expenditure accounts show the financial performance of the organization.

None of the above. 

All cash inflows and outflows of an organization.

Income earned and expenses incurred by an organization.

Assets and liabilities of an organization.

None of the above.

To show the actual cash balance of an organization.

To show the financial performance of an organization.

To identify the assets and liabilities of an organization.

None of the above.

Cash-based accounting.

Accrual-based accounting.

Both cash-based and accrual-based accounting.

None of the above.