| 1 |
Non-profit making organization is also known as |
- A. Non-profit seeking concern
- B. Non-trading concern
- C. Trading concern
- D. "a" and "b"
|
| 2 |
Receipts and payments account records the transactions of |
- A. Revenue nature
- B. Capital nature
- C. Revenue and capital nature
- D. None of these
|
| 3 |
The income and expenditure account performs the same function as. |
- A. Trading and profit and loss account
- B. Manafactureng account
- C. Balance sheet
- D. None of these
|
| 4 |
Income and expenditure account is credited with all. |
- A. Expenses
- B. Incomes
- C. Assets
- D. Liabilities
|
| 5 |
All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to |
- A. Single entry system
- B. Double entry system
- C. Treble entry system
- D. "a" and "b"
|
| 6 |
Income and expenditure account shows |
- A. Cash in hand
- B. Surplus or deficit
- C. Cash at bank
- D. Capital account
|
| 7 |
Non-profit making organizations |
- A. Buy goods
- B. Manufacture goods
- C. Sell goods
- D. None of these
|
| 8 |
Admission fee income should be. |
- A. Treated as income
- B. Capitalized
- C. Proportionate to revenue and capitalized
- D. None of these
|
| 9 |
In cash book |
- A. Each entry is followed by narration
- B. Ledger reference is recorded
- C. Each transaction is recorded in chronological order
- D. All of the above
|
| 10 |
Receipt and payment account includes. |
- A. Revenue items
- B. Capital items
- C. Both capital and Revenue items
- D. None of the above
|
