Which of the following items is not contained in the Rece...
Which of the following items is not contained in the Receipts and Payments Account?
Subscription paid in advance
Stock paid for in advance
Outstanding wages and salaries
Donations
Correct answer is B
Receipts and payments account are used by non profit making organization, It is a summarized form of Cash Book. All receipts are recorded on its left-hand (Debit) side and all payments are recorded on its right-hand (credit) side. receipts & payments accounts show only the cash and bank transactions in that accounting period. it doesnt include stock paid for in advance.
Capital: opening balance 307,000 closing balance 342,000 Net profit for the period 121,600 Openin...
Which of the following is not an instrument for controlling public expenditure? ...
Given: Capital:..G...........N5000 ..........T...........N8000 Drawings: G...........N2000 ......
An asset was purchase for N343m in 2003. The estimated life of the asset was 3 years with a r...
Where there is provision for depreciation, fixed asset is shown in the balance sheet at i. c...
Lima paid off debt of D2,500 owed to Dongo by cash. The entries in lima's book are: debit ...
Which of the following is credited to the consolidated revenue fund? ...
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Bot...