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Question
The nature of Receipts and Payments Account is ______.
Options
Nominal Account
Real Account
Personal Account
None of the above
MCQ
Fill in the Blanks
Solution
The nature of Receipts and Payments Account is Real Account.
Explanation:
It's a real account because it's a summary of cash receipts and payments, as well as the bank balance.
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Receipts and Payments Account
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