Question # 1

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

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

Receipts and payments account shows

Choose an answer

Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

Income and expenditure account is equivalent to the.

Choose an answer

Receipt and payment account

Balance sheet

Cash book

Profit and loss account

The income and expenditure account begins with.

Choose an answer

Opening debit balance

Opening credit balance

Opening balance

None of these

Income and expenditure account is debited with all.

Choose an answer

Expenses

Incomes

Liabilities

Assets

Income and expenditure accout is usually accompanied by.

Choose an answer

Trail balance

Balance sheet

Income and gains

Liabilities

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

Choose an answer

Expense

Assets

Income

Liability

Income and expenditure account is credited with all.

Choose an answer

Expenses

Incomes

Assets

Liabilities

Subscription otstanding in the beginning are shown in the

Choose an answer

Trading account

Income and expenditure account

Balance sheet

Profit and loss account

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

Choose an answer

Deficit

Surplus

Asset

Liability

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

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

Choose an answer

Trading account

Profit and loss account

Receipts and payments account

Income and expenditure 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

At the end of the year non trading institutions prepare.

Choose an answer

Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

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

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

Choose an answer