Question :
Receipts and Payments Account does not include which of the following?
Option 1:
Non-cash items such as depreciation
Option 2:
Outstanding expenses
Option 3:
Accrued income
Option 4: All of these
Correct Answer: All of these
Solution : Receipts and Payments Account includes only cash items like entrance fees received, life membership fees received, etc. Hence, the correct option is 4.