Question on: WAEC Accounting - 2014
Which of the following items is not contained in the Receipts and Payments Account?
A
Subscription paid in advance
B
stock paid for in advance
C
outstanding wages and salaries
D
donations
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Correct Option: B
Receipts and payments account are used by non profit making organization, It is a summarized form of Cash Book. All receipts are recorded on its left-hand (Debit) side and all payments are recorded on its right-hand (credit) side. receipts & payments accounts show only the cash and bank transactions in that accounting period. it doesnt include stock paid for in advance
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