Question : The Receipts and Payments Account does not include:
Option 1: Capital receipts and payments
Option 2: Revenue receipts and payments
Option 3: Non-cash items
Option 4: None of these

Question

Question : The Receipts and Payments Account does not include:

Option 1: Capital receipts and payments

Option 2: Revenue receipts and payments

Option 3: Non-cash items

Option 4: None of these

Team Careers360 · Accepted Answer

Correct Answer: Non-cash items

Solution : Receipts and Payments Account is an account which is the summary of the cashbook. It does not record non-cash items. Hence, the correct option 3.

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Question : The Receipts and Payments Account does not include:Option 1: Capital receipts and paymentsOption 2: Revenue receipts and paymentsOption 3: Non-cash itemsOption 4: None of these

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Question : The Receipts and Payments Account does not include:
Option 1: Capital receipts and payments
Option 2: Revenue receipts and payments
Option 3: Non-cash items
Option 4: None of these

Question :
The surplus generated by a not-for-profit organisation is:
Option 1: Distributed amongst the members
Option 2: Added to capital fund
Option 3: Credited to a special fund
Option 4: None of these

Question :
As all other business concerns be its sole proprietorship or partnership have capital, a not-for- profit organisation has:
Option 1:
capital fund
Option 2: general fund
Option 3: any of these
Option 4: none of these

Question : Current Account of the partners should be opened when capital are:
Option 1: fluctuating
Option 2: fixed
Option 3: circulating
Option 4: none of these

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

Question : What balance does a partner's capital account have, in case of fluctuating capital?
Option 1: Debit balance
Option 2: Credit
Option 3: Both (1) or (2)
Option 4: None of these