Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 18 - No. 1)
What is the purpose of a receipts and payments account?
To summarise the financial performance of a club.
To record the cash and bank transactions of a club.
To calculate the club's net assets.
To show the financial position of a club.
Explanation
It is a summary of all cash inflows and outflows.
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