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

Accounts - Principles of Accounts
JAMB 2016

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

  • 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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Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts