Given:
I. It records subscription in arrears&nb...
Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes
I, II and IV
II, III and IV
III and IV
I, II and III
Correct answer is B
The receipts and payment account is one of the account of a non-profit oriented organization that performs the same functions as cash account in a profit oriented organization all forms of payment since cash is involved will be recorded and also performs the same functions as the cashbook does for profit oriented organization
Subscription in advance is treated in the balance sheet under ...
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as ...
The loss made by a non profit making organization is called ...
The chief accounting officer of a local government is the? ...
Trading Account of Umeh Enterprises for the year ended 31st December 2019 ...
Trade debts amounting to N300 were written off. Which of the following would be affected? ...
Which of the following would be posted to the proprietor's capital account? ...
Which of the following is not a characteristic of a computer? ...
In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of ...
The major source of document which enables employer to calculate the employee wages is t...