Question # 1

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

All of the above

An income and expenditure account is.

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Normal account

Real account

Persoanl account

None of these

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

The Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

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.

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

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

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Surplus

Deficit

Capital fund

Profit

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

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

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