Question # 1

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

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

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Deficit

Surplus

Asset

Liability

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

The Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

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

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Surplus

Deficit

Capital fund

Profit

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

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

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

An income and expenditure account is.

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Normal account

Real account

Persoanl account

None of these

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

In receipt and payments account

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No narration is written

No ledger reference is recorded

Daily cash balance cannot be ascertained

All of the above

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

In non-profit making organization final accounts contains

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Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss 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

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

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