The correct answer is: A. Income and Expenditure Account.
A receipts and payments account is a summary of all the income and expenditure of an organization for a specific period of time. It is a simple financial statement that shows the total amount of money received and the total amount of money spent during a particular period. The receipts and payments account is used to track the financial performance of an organization and to make sure that it is staying within its budget.
An income and expenditure account is different from a cash book in that it does not show the individual transactions that have taken place. Instead, it simply shows the total amount of income and expenditure for the period. This makes it a useful tool for tracking the overall financial performance of an organization, but it is not as detailed as a cash book.
A balance sheet is a financial statement that shows the assets, liabilities, and equity of an organization at a specific point in time. It is a snapshot of the organization’s financial position and is used to assess its financial health.
A bank account is a financial account that is held by a bank. It is used to store money and to make and receive payments. A bank account is a separate legal entity from the person or organization that owns it, and it is protected by the law.
In conclusion, the correct answer is: A. Income and Expenditure Account.