Question

1. Receipts and Payments Account is prepared on *
1 point



a) Time Basis



b) Sales Basis



c) Accrual Basis



d) Cash Basis

Answer 1

Answer:

d) cash Basis

Explanation:

Receipts and payments Account is prepared on cash basis of accounting. It is a summarized cash book. All the cash receipts during the whole year is recorded on debit side. All the cash payments during the whole year is recorded on credit side