Question # 1

The difference of the two sides of receipt and payment account represents.

Choose an answer

Opening cash balance

Closing cash or bank balance

Opening bank balance

None of these

In non-profit making organization final accounts contains

Choose an answer

Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss account and balance sheet

A receipts and payments account is similar to

Choose an answer

An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

Surplus balance cna be shown in the balnce sheet as.

Choose an answer

Asset

Liability

Owner's equity

None of these

If the debit side of the recipt and payment account exceeds the credit side it represents.

Choose an answer

Bank over draft

Cash at bank

Surplus balnce

Deficit balance

Income and expenditure account shows.

Choose an answer

Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Income and expenditure account is equivalent to the.

Choose an answer

Receipt and payment account

Balance sheet

Cash book

Profit and loss account

The account of non trading concern are generally maintained according to.

Choose an answer

Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

Non-profit seeking organizations prepare

Choose an answer

Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

The income and expenditure account performs the same function as.

Choose an answer

Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

An income and expenditure account is.

Choose an answer

Normal account

Real account

Persoanl account

None of these

Subscription Received in advance is.

Choose an answer

An income

An assets

Liability

An expenditure

Income and expenditur eaccount is prepared at the

Choose an answer

Start of the year

Mid of the year

End of the year

At the start and ed of the year

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

Choose an answer

Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

Lagacies are generally treated as.

Choose an answer

Income

Capitalized

Assets

Liability

More Classes

Other Links

Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer