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In a non-for-profit making organization, the cash book is referred to as

Accounts - Principles of Accounts
WAEC 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 Answer: Option B
Explanation

"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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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