Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

Which of the following is not true for Receipts and Payments account?

Options:

It is a summary of cash book.

It shows revenue and expenses of revenue nature only.

The receipts or payments may relate to any period-past, current or future period.

Depriciation is not shown in it.

Correct Answer:

It shows revenue and expenses of revenue nature only.

Explanation:

It shows both revenue and capital receipts.