Question # 1

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

Assets

Liabilities

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

The Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

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