Accounting · Financial Statements of Non-Profit Organizations
State the correct statement with regard to the Receipts and Payments Account for a commercial business house.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Its balance reveals surplus or deficit.
- 2It is necessary to prepare it to know the profit or loss.
- 3It is a nominal account.
- 4Its preparation is not compulsory for a commercial business house.✓
Correct answer
Its preparation is not compulsory for a commercial business house.
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