WAEC Accounting 2017 Objective — Question 33

Question 33 of 50 from the West African Examinations Council (WAEC) Accounting 2017 Objective paper, with the correct answer and a full explanation.

33. In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of

A. A. Profit and Loss Accounts
B. B. Income and expenditure Accounts
C. C. Cash bookCorrect
D. D. Balance Sheet

Explanation

The receipt and payment account is equivalent to cash book in a non-for-profit making organisation and cash book in profit making organisation respectively.

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