______ is a summary of cash transactions.

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KollegeApply · Accepted Answer

Receipts and Payment Account is a summary of cash transactions. Explanation: The Receipts and Payment Account is a real account that provides a consolidated chronological summary of all actual cash and bank transactions made by a non-profit organization within a given fiscal year. It works similarly to a simplified cashbook, recording all cash receipts on the debit side and all cash payments on the credit side but completely ignoring non-cash entries and outstanding adjustments.

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