| 1 |
Income and expenditure account shows. |
- A. Surplus or deficit
- B. Not profit or net loss
- C. Capital account
- D. Cash in hand
|
| 2 |
If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as. |
- A. Surplus
- B. Deficit
- C. Assets
- D. Liabilities
|
| 3 |
Surplus balance cna be shown in the balnce sheet as. |
- A. Asset
- B. Liability
- C. Owner's equity
- D. None of these
|
| 4 |
Income and expenditure accout is usually accompanied by. |
- A. Trail balance
- B. Balance sheet
- C. Income and gains
- D. Liabilities
|
| 5 |
The difference of the two sides of receipt and payment account represents. |
- A. Opening cash balance
- B. Closing cash or bank balance
- C. Opening bank balance
- D. None of these
|
| 6 |
Capital is obtained by deductin liabiliities from. |
- A. Expenditures
- B. Receipt
- C. Assets
- D. Incomes
|
| 7 |
Receipts and payments account shows |
- A. Debit and credit balances of ledgers
- B. Incomes and expenditures
- C. Cash receipts and payments
- D. Assets and liabilities
|
| 8 |
Income and expenditure account records the transactions of |
- A. Revenue nature
- B. Capital nature
- C. Revenue and capital nature
- D. None of the these
|
| 9 |
Income and expenditur eaccount is prepared on. |
- A. Cash basis
- B. Accrual basis
- C. Cahs of accural basis
- D. None of these
|
| 10 |
Income and expenditure account is debited with all. |
- A. Expenses
- B. Incomes
- C. Liabilities
- D. Assets
|
