Question

e
2. Adjustments for outstanding expenses, Prepaid
or depreciation must have two
accorinting treatments. These or
expensez
false
.​

Answer 1

Answer:

Because receipts and payment accounts record all cash receipts and cash payments, it is a consolidated cash book. It starts with an opening balance of cash andbank and ends with a closing balance of cash and bank. It does not take into consideration outstanding amounts of receipts and payments.