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The equivalent of a club's receipts and payment account is the?

Accounts - Principles of Accounts
JAMB 2010

The equivalent of a club's receipts and payment account is the?

  • A. trading account
  • B. revenue account
  • C. cash account
  • D. suspense account
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Correct Answer: Option C
Explanation

 A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period.  Its equivalent is a cashbook

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