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Which of the following statements is true regarding the Receipts and Payments Account of a not-for-profit organization?a)It is based on the accrual system of accounting.b)It records only revenue receipts and payments.c)It includes all cash and bank transactions.d)It is used to ascertain surplus or deficit for an accounting period.Correct answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following statements is true regarding the Receipts and Payments Account of a not-for-profit organization?a)It is based on the accrual system of accounting.b)It records only revenue receipts and payments.c)It includes all cash and bank transactions.d)It is used to ascertain surplus or deficit for an accounting period.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is true regarding the Receipts and Payments Account of a not-for-profit organization?a)It is based on the accrual system of accounting.b)It records only revenue receipts and payments.c)It includes all cash and bank transactions.d)It is used to ascertain surplus or deficit for an accounting period.Correct answer is option 'C'. Can you explain this answer?.

Solutions for Which of the following statements is true regarding the Receipts and Payments Account of a not-for-profit organization?a)It is based on the accrual system of accounting.b)It records only revenue receipts and payments.c)It includes all cash and bank transactions.d)It is used to ascertain surplus or deficit for an accounting period.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.

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