Which of the following is accounted for in receipts and payment account

Accounts - Principles of Accounts

JAMB 2013

A. Subscriptions recieved in advance
B. Subscriptions due not yet recieved
C. Accrued expenses on annual dances
D. Depreciation of the club house

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Correct Answer: Option A

Explanation

A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account. It contains Subscriptions received in advance

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