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Receipt and payments account is a real account just like cash account. Its prepared at the end of the year. All receipts are recorded on the debit side and expenses on the credit side. It is basically a summary of cash book, it records all cash transactions of all nature revenue and capital.
<h3>What is receipt and payment account ?</h3>
Receipts and payments accounts are created using a simple form of accounting that summarises all monies received and paid via the bank and in cash by the charity during its financial year, along with a statement of balances.
- The difference between receipts and payments represents the balance of cash in hand or at bank (or bank overdraft at the closing date). Income and expenditure account: The difference between income and expenditure represents either surplus or deficit balance.
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The paired t-test is used for samples or variables that belong to the same individual or entity under study. Recall that; if the experiment is to be carried out with each experiment unit being measured twice, then giving an outcome of pairs of observations; Hence, we apply the paired t-test.
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