Question # 1

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

All of the above

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

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

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

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

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

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 income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Income and expenditur eaccount is prepared at the

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Start of the year

Mid of the year

End of the year

At the start and ed of the year

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

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

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Donation

Subscription

Legacy

None of these

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

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

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Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

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