Question # 1

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

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

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

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

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

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

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

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

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

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

None of these

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

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Same

Different

Easy

Difficult

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

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Expense

Assets

Income

Liability

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening 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

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

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