A-LevelAccountingPreparation of financial statements9706/12 · May/June 2013 · Q161 Mark

Which statement about a receipts and payments account is correct?

ACapital expenditure is not included.

BFigures are adjusted for prepayments and accruals.

CIncome appears on the debit side.

DIt is like an income statement for a limited company.

✓ Correct answer

C: Income appears on the debit side.

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2013 Paper 1 Variant 2, question 16.

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