The similarities between Receipts and payments and income...
The similarities between Receipts and payments and income and expenditure account is
Both accounts follows the principle of double entry
They are summaries of financial statements
Both include capital items
Both are prepared by non-profit making concern
Correct answer is C
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.
Use the information below to answer this question. \(\begin{array}{c|c} \text{Stock} & 11,250...
Given: 31/12/98 31/12/99 Assets: Plant and Mach. N1,500 N1,200 Fixtures N700 N520 Stock N500 N6...
Capital for a profit making organization is generated through ...
In the head office ledger, the value of goods sent to the branch are ...
The head office usually issues goods to branches at ...
The account that shows both the cash and bank transactions of an enterprise is ...
Partner's interest on capital is shown in the ...
i. Operating machines ii. Furniture iii. Fixtures and fitting iv. Loan from friends V. Creditors...
Zahki Plc balance sheet (extract) as at 31st December 1997. ...
The financial position of an organization at a particular time can be ascertained from the ...