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      Question

      Which of the following is NOT a feature of a Receipts

      and Payments Account? 
      A It is an Account that contains all Cash and Bank transactions made by a nonprofit organisation during a particular financial period. Correct Answer Incorrect Answer
      B While recording the Cash and Bank transactions, all entries are made on Cash Basis Correct Answer Incorrect Answer
      C It starts with the opening balances of Cash and Bank. All Cash Receipts both capital and revenue during the period are debited to it. Correct Answer Incorrect Answer
      D It follows the rules of Nominal Account. Correct Answer Incorrect Answer

      Solution

      The correct answer is D

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