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

B This account is usually not a part of the double entry system

C It includes cash and back receipts and payments relating to current and future period only. Past period receipts and payments are not recorded.

D It is the summary of the cash and bank transactions

Practice Next

More Accounts Questions