WAEC Accounting 2014 Objective — Question 28
Question 28 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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Which of the following items is not contained in the Receipts and Payment Account?
- A. Subscription paid in advance
- B. Stock paid for in advance
- C. Outstanding wages and salariesCorrect
- D. Donations
Explanation
Outstanding expenses are unpaid, so they would not appear in the receipts and payments account, which only records actual cash transactions.
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