Which of the following is the equivalent of the receipts payment accounts?
Question 1 Report
Which of the following is the equivalent of the receipts payment accounts?
Answer Details
The equivalent of the receipts and payments account is the cash book. The cash book is a book of original entry where all cash transactions are recorded, including both receipts and payments. It is used to maintain a record of all cash transactions during a particular period, usually a month or a year. The cash book is important for determining the cash balance at the end of a period and is used in the preparation of the final accounts of an organization. Therefore, option (B) is the correct answer.
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