In a non-for-profit making organization, the cash book is referred to as
-
A.
income and expenditure acount -
B.
receipts and payments account -
C.
two column cashbook -
D.
petty cash bok
Correct Answer: Option B
Explanation
“A receipt and payment account is a summarized cash book (cash and bank) for a given period” prepared by Non-profit organizations (also called non-trading concerns) at the end of year.