O-LevelAccountingPreparation of financial statements7707/12 · May/June 2022 · Q221 Mark
Which statement about club accounts is correct?
ACapital and revenue transactions are recorded in the income and expenditure account.
BNon-cash transactions are recorded in the income and expenditure account.
COnly revenue transactions are recorded in the receipts and payments account.
DThe closing balance in the receipts and payments account represents a surplus or deficit.
✓ Correct answer
B: Non-cash transactions are recorded in the income and expenditure account.
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