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The summary of receipts and payments account represent?

Accounts - Principles of Accounts
JAMB 2010

The summary of receipts and payments account represent?

  • A. cash at hand
  • B. journal proper
  • C. general journal
  • D. ledger accounts
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Correct Answer: Option A
Explanation

 A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period.  It represents the actual cah at hand


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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent