The income and expenditure account differs from receipts and payments account because it

Accounts - Principles of Accounts

JAMB 2016

A. accounts for notional charges
B. records transactions that relate to the period on cash basis
C. records transactions that relate to the period on accrual basis
D. accounts for balance of cash at bank

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Correct Answer: Option B

Explanation

Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.

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The income and expenditure account differs from receipts and payments account because it

Correct Answer: Option B

Explanation

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