WAEC Accounting 2021 Objective — Question 29
Question 29 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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All cash transactions of a not-for-profit making organization are recorded in a
- A. three-column cash book
- B. income and expenditure account
- C. subscriptions account
- D. receipts and payments accountCorrect
Explanation
While profit-making organizations use a cash book to record cash transactions, not-for-profit organizations use a receipts and payments account.
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