šŸ“¢ Too many exams? Donā€™t know which one suits you best? Book Your Free Expert šŸ‘‰ call Now!

    Question

    Which of the following is NOT a feature of a Receipts

    and Payments Account?Ā 
    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

    Practice Next
    More Accounts Questions
    ask-question