| Q.132 | Which of the following is NOT a feature of receipt and payment account? | |
| Ans | 1. It follows Nominal Account | |
| 2. It starts with the opening balances of Cash and Bank. All Cash Receipts both capital & revenue during the period are debited to it | ||
| 3. It is an Account which contains all Cash and Bank transactions made by a nonprofit organization during a particular financial period | ||
| 4. All Cash Payments both capital & revenue during the period are credited to this Account. It ends with the closing Cash and Bank Balances |
Correct Ans Provided: 1
