- 1 Marks
BMF – May 2024 – L1 – SA – Q18 – Basics of Business Finance and Financial Markets
Identifying what a receipt and payment account represents in accounting.
Question
What does a receipt and payment account represent in accounting?
A. A summary of cash receipts and payments, including both accruals and cash transactions
B. A summary of cash receipts and payments during the accounting period, without considering accruals
C. A record of all revenue transactions in the accounting period, irrespective of cash inflows or outflows
D. A record of all capital transactions, including cash receipts and payments, during the accounting period
E. A record of all non-cash transactions in the accounting period, excluding cash receipts and payments
Find Related Questions by Tags, levels, etc.
- Tags: Accounting, Financial Statements, Receipt and Payment Account
- Level: Level 1
- Topic: Basics of Business Finance and Financial Markets
- Series: MAY 2024
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