| 1 |
Income and expenditure account shows |
- A. Cash in hand
- B. Surplus or deficit
- C. Cash at bank
- D. Capital account
|
| 2 |
The income through admissionfee shoul dbe. |
- A. Capitalized
- B. Treated as revenue
- C. Treated as liability
- D. An expenses
|
| 3 |
Purchase of sports material for the club should be treated as. |
- A. Expense
- B. Assets
- C. Income
- D. Liability
|
| 4 |
The income and expenditure account begins with. |
- A. Opening debit balance
- B. Opening credit balance
- C. Opening balance
- D. None of these
|
| 5 |
The amount paid to person who was invited to deliver a lecture in a club is known as. |
- A. Hoorarium
- B. Salary
- C. Wages
- D. None of these
|
| 6 |
The method for preparing the final accounts in trading concerns and non-profit making organizations are |
- A. Same
- B. Different
- C. Easy
- D. Difficult
|
| 7 |
In receipt and payments account |
- A. No narration is written
- B. No ledger reference is recorded
- C. Daily cash balance cannot be ascertained
- D. All of the above
|
| 8 |
Income and expenditure account is equivalent to the. |
- A. Receipt and payment account
- B. Balance sheet
- C. Cash book
- D. Profit and loss account
|
| 9 |
Income and expenditure account records the transactions of |
- A. Revenue nature
- B. Capital nature
- C. Revenue and capital nature
- D. None of the these
|
| 10 |
Receipt and payment account starts with the. |
- A. Opening balance
- B. Ending balance
- C. Beginning or ending balance
- D. None of these
|
