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In A Non-for-profit Making Organization, The Cash Book Is Referred To As? - Erudites Academy

In a non-for-profit making organization, the cash book is referred to as?

by | Mar 21 | Accounting WAEC | 0 comments

A. income and expenditure account
B. receipts and payments account
C. two-column cashbook
D. petty cash bok

Correct Answer: Option B

B. receipts and payments account

Explanation

“A receipt and payment account is a summarized cash book (cash and bank) for a given period” prepared by Non-profit organizations (also called non-trading concerns) at the end of the year.

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