Question :
Receipts and Payments Account does not include which of the following?
Option 1:
Non-cash items such as depreciation
Option 2:
Outstanding expenses
Option 3:
Accrued income
Option 4: All of these
Correct Answer: All of these
Solution : Receipts and Payments Account includes only cash items like entrance fees received, life membership fees received, etc. Hence, the correct option is 4.
General donations are treated as:
An account akin to Profit and Loss Account in
Which of the following will appear on the asset
Receipts and Payments Account shows receipts
Which of the following is not a feature of a
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