(a) Two uses of Receipt and Payment Account: 

1. Receipt and Payment Account serves as the basis for preparing the Income and Expenditure Account and the Balance Sheet. 

2. It tells at a glance the cash position of the organisation both at the beginning and end of the accounting year. 

(b) (i) The Going Concern Concept: It is assumed that the business will continue to exist for a long time in the future. Transactions are recorded on the assumption that the business will exist for an indefinite period of time. It is on this assumption that a distinction is made between capital expenditure and revenue expenditure. Fixed assets are recorded at their original cost less depreciation. Market value of fixed assets is not recorded, as these assets are not to be sold in the near future. 

(ii) Accounting Period Concept: It is due to this concept that financial statements are prepared at regular intervals, generally one year. This period is called accounting period. The net profit/net loss of business is ascertained separately for each accounting period. Similarly, the financial position of business is ascertained on the last day of an accounting period. Under tax laws, the accounting period starts from 1st April and ends on 31st March next year. 

(c) Importance of Selection of Employees: Selection of employees involves comparison between job requirements and qualifications of candidates. The purpose of selection is to choose the right candidate for the right job. 

Proper selection of employees will result in: 

1. Improving efficiency and profitability by choosing a qualified person for every job. 

2. Ensuring job satisfaction to employees by matching the candidates with the job. 

3. Minimising labour turnover and absenteeism. 

4. Facilitating higher quantity and quality of performance.