Multiple Choice Questions on Receipts amp Payments A c is a ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Receipts amp Payments A c is a ........

General Accounting Principles Not for profit organisation
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    Receipts & Payments A/c is a

    Personal A/c

    Incorrect Answer

    Real A/c

    Correct Answer

    Nominal A/c 

    Incorrect Answer

    None of these

    Incorrect Answer
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    Explanation:

    It is a Real Account. It is a consolidated summary of Cash Book. It is prepared at the end of the accounting period. All cash receipts are recorded on the debit side and all cash payments are recorded on the credit side.

    By: Subhash Singh
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