Receipt and payment accounts show only cash and bank transactions in that accounting period whereas the income and expenditure account are on accrual basis.
The receipt and payment account must start with a cash opening balance brought forward from previous period while the income and expenditure account does not start with any balance.
Capital and revenue receipts and payments are included in the receipt and payment account while only the income and expenditures of revenue are included in the income and expenditure account.
The receipt and payment account includes receipts and payments relating to the period immediately before or after whereas the income and expenditure account must include only income and expense items belonging to the period under review.
Receipts are shown on the debit side and payments on the credit side in the receipt and payment account while as in the income and expenditure account, all revenue appears on the credit side and expenditures on the debit side if it is prepared in accounts form.
For more details about the receipt and payment account and income and expenditure account refer here;
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Answer: a good with an elastic supply
Explanation:
Price elasticity of supply simply refers to how the changes in market price of a good bring about a responsiveness to the supply of such good.
Based on the information given, the best description of the grass seed that is described in this scenario is that it's a good that has an elastic supply. This is because the price of the good in thus case, is sensitive to the changes in the price.
Answer:
Justification/ Recommendation Report
Explanation:
Since you have conducted the research and you have been given the power to determine a new provider, a recommendation or justification report is the best report to write in this situation. This is because you have found the new provider worthy by the standards of your research and it has plans that suit your company the most, you will therfore have to write a report recommending that new provider and also give reason as to why you are recommending that provider(justification).
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Answer:
Option (a) is correct.
Explanation:
Coffee and cream are complimentary goods because they are used together to satisfy a given want. Complimentary goods are having negative cross price elasticity of demand which means that if the price of coffee goes up then as a result the quantity demanded for cream goes down and if the price of coffee goes down then as a result the quantity demanded for cream goes up.