Question # 1

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

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

An income and expenditure account is.

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Normal account

Real account

Persoanl account

None of these

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

The account of non trading concern are generally maintained according to.

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Mereantile accounging system

Double entry system of book keeping

Cash accounting system

None of the above

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

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

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Subscription otstanding in the beginning are shown in the

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Trading account

Income and expenditure account

Balance sheet

Profit and loss account

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

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