Which of the following statements is not true for Receipts and Payments Account ? [1]
A. It is a summary of the cash book.
B. It records receipts and payments of revenue nature only.
C. The receipts and payments may relate to current, preceding, or succeeding accounting periods.
D. Depreciation is not shown in it.
Answer:B
Which of the following statements is not true for Receipts and Payments Account ? [1]
A. It is a summary of the cash book. B. It records receipts and payments of revenue nature only. C. The receipts and payments may relate to current, preceding, or succeeding accounting periods. D. Depreciation is not shown in it.