Q1796
Which one of the following statement is correct?
A.
Subscription received in advance is not shown in Receipts and Payments account
B.
Expenses and incomes on accrual basis are not shown in Receipts and Payments account
AnswerC.
Capital receipts and capital expenditures are recorded in Income and Expenditure account
D.
It is essential that balance sheet should accompany receipts and payments account
Answer: Option B
Solution
Answer: Option B
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