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Question
All cash payments are recorded on the ______ side of the receipt and payment accounts.
Options
Credit
Debit
Both Credit and Debit
None of these
Solution
All cash payments are recorded on the Credit side of the receipt and payment accounts.
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RELATED QUESTIONS
The objective of preparing a ______ account is to find out the cash position of the organization.
Write any two features of the Receipt and Payment Account.
State five uses of Receipts and Payments account.
It is a summary of cash transactions. It is prepared to ascertain the cash balance at the end of the accounting year.
In receipt and payment account opening balance of cash in hand, cash at bank and all cash receipts are shown on the ______ side.
The primary objective of preparing this Account is to find out the cash position, opening and closing balances of cash in hand and at bank.
Its balance at the end shows the cash in hand and at bank (or overdraft) at the end of the year.
Give two/three uses of Receipts and Payments Account.
Give one difference between Receipts and Payments Account and Cash Book.
A receipts and payments account is a nominal account. Justify a reason either for or against.
