Question # 1

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

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

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

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Deficit

Surplus

Asset

Liability

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

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

Income and expenditure account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the these

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

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Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test MCQs With Answers

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