A credit balance on a receipt and payments account indicates that the non-profit making organization?

Accounts - Principles of Accounts

JAMB 1999

A. had more revenues than expenses during the period
B. did not owe much liabilities during the period
C. received more cash than it paid out during the period
D. made more cash payments than it received during the period

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Correct Answer: Option D

Explanation

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A credit balance on a receipt and payments account indicates that the non-profit making organization?

Correct Answer: Option D

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