Question # 1

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

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.

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

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

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Directors

Member

governing body

Promoters

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

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

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Same

Different

Easy

Difficult

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

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Single entry system

Double entry system

Treble entry system

"a" and "b"

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

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Opening cash balance

Closing cash or bank balance

Opening bank balance

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

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

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Bank over draft

Cash at bank

Surplus balnce

Deficit balance

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

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

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

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Surplus

Deficit

Capital fund

Profit

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