JAMB - Accounts Principles Of Accounts (1994 - No. 21)
The major difference between the receipt and payment account and the income and expenditure account is that while the former
is kept by the treasurer, the latter is not
deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
is a T-account, the latter is not
is not in the ledger, the latter is
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