A Receipts and Payments Account record only non-cash items. Sol:

Related MCQs

• Which of the following statements is/are true? (i) Drawings Account is a Nominal Account (ii) Capital Account is a Real Account (iii) Sales Account is a Nominal Account (iv) Outstanding salaries account is a Nominal Account (v) Patents Account is a Personal Account
• ) A Receipts and Payments Account is nothing but a summary of all capital receipts and payments.
• Out of the following items, which one is shown in the Receipts and Payments Account? Sol:
• Match List I (Financial Statements and Accounts) with List II (special matters associated with statements and accounts) and select the correct answer using the codes given below the lists: List I List II i) Receipts and Payments Account I. Revenue ii) Income and Expenditure Account II. Cash iii) Club subscription received in III. Liability Advance Account Codes:(i) (ii) (iii)
• The receipts and Payments account records receipts and payment of
• Receipts and Payments Account usually indicates: Sol:
• Receipts and Payments Account is a : Sol:
• Out of the following items, which one is shown in the Receipts and Payments Account:
• Receipts and payment accounts includes all receipts and payments of
• Receipts and payment accounts records all receipts and payments of