JAMB Accounting 2007 Objective — Question 16

Question 16 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

The receipts and payments account of a not-for-profit-making organization plays a similar role in a profit-making organization as a

A. cash accountCorrect
B. balance sheet
C. income account
D. an expenses account

Explanation

The receipts and payments account of a non-profit body serves the same purpose as a cash book/cash account does for a profit-oriented organization - it records cash receipts and payments only.

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