State True or False:
Receipts and payments account highlights total income and expenditure.

True

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False

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Solution

The correct option is B False
Receipt and Payments account is a summary of all cash or bank receipts and payments over a certain period with a cash bank balance at the beginning as well as at the end of the period.

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Similar questions

Distinguish between Receipts and Payments Account and Income and Expenditure Account.

Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

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