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Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, College Accounting (Book Only): A Career Approach ISBN:9781337280570 Author:Scott, Cathy J. Publisher:South-Western College Pub Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Survey of Accounting (Accounting I) ISBN:9781305961883 Author:Carl Warren Publisher:Cengage Learning Auditing: A Risk Based-Approach to Conducting a Q... ISBN:9781305080577 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:South-Western College Pub Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, College Accounting (Book Only): A Career Approach ISBN:9781337280570 Author:Scott, Cathy J. Publisher:South-Western College Pub Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Survey of Accounting (Accounting I) ISBN:9781305961883 Author:Carl Warren Publisher:Cengage Learning Auditing: A Risk Based-Approach to Conducting a Q... ISBN:9781305080577 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:South-Western College Pub Which of the following statement is false regarding the receipt and payment account?It is prepared based on accrual basis is false regarding receipts & payments account.
Which of the following is shown in receipt and payment account?A Receipt and Payment account is simply a summary of the cash transactions as in the cash book, including opening and closing balances. All cash receipts and cash payments find place in this account whether they are of revenue nature or capital nature.
Which is not shown in the receipt and payment account?Items such as depreciation, outstanding expenses , accrued income etc. are not shown in receipt and payment account because it is a real account. only cash transactions are recorded in Receipt and payment account.
Which statement can also used as receipt and payment statement?Receipts and Payments Account is a report of cash and bank transactions during a period. It is used in place of an income and expenditure statement. In other words, It is a consolidated summary of cash book, prepared for the required period.
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Which of the following statement is false regarding receipt and payment account?
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