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    Question

    With respect to receipt and payments account, which of

    the following statement is incorrect?
    A It starts with opening cash and bank balances and also ends with their closing balances Correct Answer Incorrect Answer
    B This account is usually not a part of the double entry system Correct Answer Incorrect Answer
    C It includes cash and back receipts and payments relating to current and future period only. Past period receipts and payments are not recorded. Correct Answer Incorrect Answer
    D It is the summary of the cash and bank transactions Correct Answer Incorrect Answer

    Solution

    The correct answer is C

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