Question # 1

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

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

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

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

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

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

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Deficit

Surplus

Asset

Liability

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

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

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

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