| 1 |
Credit side of iincome and expenditure account records. |
- A. Expenses and losses
- B. Income and gains
- C. Assets
- D. Liabilities
|
| 2 |
If the credit side of the income oand expenditur eaccount is greater it is termed as. |
- A. Deficit
- B. Surplus
- C. Asset
- D. Liability
|
| 3 |
Receipts and payments account records transaction relating to |
- A. Past year
- B. Future year
- C. Present year
- D. All of the above
|
| 4 |
It is prepared by non-profit making organizations to determine surplus or deficit |
- A. Trading account
- B. Profit and loss account
- C. Receipts and payments account
- D. Income and expenditure account
|
| 5 |
At the end of the year non trading institutions prepare. |
- A. Profit and loss account
- B. Income and expenditure account
- C. Manufacturing account
- D. None of the above
|
| 6 |
Donation receivedin heavy amount are treated as. |
- A. Revenue
- B. Capitaized
- C. Liability
- D. Assets
|
| 7 |
Income and expenditur eaccount is prepared on. |
- A. Cash basis
- B. Accrual basis
- C. Cahs of accural basis
- D. None of these
|
| 8 |
Receipt and payment account starts with the. |
- A. Opening balance
- B. Ending balance
- C. Beginning or ending balance
- D. None of these
|
| 9 |
The income and expenditure account begins with. |
- A. Opening debit balance
- B. Opening credit balance
- C. Opening balance
- D. None of these
|
| 10 |
the activities of non -trading concern are managed by the. |
- A. Directors
- B. Member
- C. governing body
- D. Promoters
|
