Question # 1

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

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

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

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

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Same

Different

Easy

Difficult

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

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

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Deficit

Surplus

Asset

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

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

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Amount received by the way of gift from any person or organization is called.

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Donation

Subscription

Legacy

None of these

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

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

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