Question on: WAEC Accounting - 2013
In a non-for-profit making organization, the cash book is referred to as
A
income and expenditure acount
B
receipts and payments account
C
two column cashbook
D
petty cash bok
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Correct Option: B
"A receipt and payment account is a summarized cash book (cash and bank) for a given period" prepared by Non-profit organizations (also called non-trading concerns) at the end of year.
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