Which of the following items is not contained in the Receipts and Payments Account?
Answer Details
The Receipts and Payments Account is a summary of all cash transactions of a not-for-profit organization during an accounting period. It records all cash receipts and payments, including both capital and revenue items.
Among the options listed, the item that is not typically included in the Receipts and Payments Account is "stock paid for in advance." This is because the Receipts and Payments Account records only cash transactions, and the purchase of stock does not necessarily involve a cash transaction. Instead, the purchase of stock may be recorded in the organization's Income and Expenditure Account or Statement of Financial Activities, depending on whether it is a revenue or capital item.
Therefore, the correct answer to the question is "stock paid for in advance."