The major difference between the receipt and payment account and the income and expenditure account is that while the former
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- A Is kept by the treasurer, the latter is not
- B Deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
- C Is a T-account, the latter is not
- D Is not in the ledger, the latter is
Correct Answer: Option B
Explanation:
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