receipts and payments account

Definition:

a summary of cash transactions over a period, sometimes prepared as a financial statement for an accounting entity that is not a business enterprise. As it does not show prepayments and accruals, and does not separately identify capital expenditure, a receipts and payments account is unlikely to give a true and fair view of the financial position of the entity. This term is not in use in America.



Contribute:

Add to or refine this definition | Discuss on our forum

Share: