The similarities between Receipts and payments and income and expenditure account is
Both accounts follows the principle of double entry
They are summaries of financial statements
Both include capital items
DBoth are prepared by non-profit making concern
Answer is C
The receipts and payments account summarizes receipts and payments made by a non-trading concern during a particular period of time (usually one year). Its is used to prepare income and expenditure account of non-trading concerns.
Tag:2019 Jamb Accounting, Jamb, Jamb 2019 accounting questions and answers, Jamb 2019- financial accounting questions and answers, Jamb Accounting, Jamb accounting past questions, Jamb accounting past questions and answers, Jamb Accounts, Jamb financial accounting, Jamb financial accounting questions and answers, Jamb past questions and answers on accounting, Jamb past questions and answers on financial accounting, Joint Admissions and Matriculation Board