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The similarities between Receipts and payments and income and expenditure account is

Accounts - Principles of Accounts
JAMB 2019

The similarities between Receipts and payments and income and expenditure account is

  • A. Both accounts follows the principle of double entry
  • B. They are summaries of financial statements
  • C. Both include capital items
  • D. Both are prepared by non-profit making concern
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Correct Answer: Option C
Explanation

The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.

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