Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 15)
What is the purpose of the Receipts and Payments Account?
To record all assets and liabilities.
To determine the surplus or deficit.
To record all cash inflows and outflows.
To show the organization's net worth.
Explanation
The Receipts and Payments Account records all cash inflows and outflows, functioning as a cash book.
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