The similarities between Receipts and payments and income...
The similarities between Receipts and payments and income and expenditure account is
Both accounts follows the principle of double entry
They are summaries of financial statements
Both include capital items
Both are prepared by non-profit making concern
Correct answer is C
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.
Stock account is a type of ...
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Wages accrued is shown in the balance sheet as ...
Dividend proposed by a company is shown in its Balance Sheet as ...
Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hli...
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Use the information to answer the given question. RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{...