Practicing Success
Which of the following statement is not true for receipts and payments account? |
It is the summary of the cash book Depreciation is not shown in it The receipt and payment related to the current, preceding and succeeding accounting periods It records receipt and payments of revenue nature only |
It records receipt and payments of revenue nature only |
A receipt and payment account is a summarized cash book. It records all cash transactions whether it is revenue nature or capital nature. |