Question # 1

Income and expenditure account shows.

Choose an answer

Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Income and expenditure account records the transactions of

Choose an answer

Revenue nature

Capital nature

Revenue and capital nature

None of the these

Income and expenditure accout is usually accompanied by.

Choose an answer

Trail balance

Balance sheet

Income and gains

Liabilities

Receipts and payments accounts records transaction relating to.

Choose an answer

Current year

Past year

future year

All of the above

Income and expenditure account shows

Choose an answer

Cash in hand

Surplus or deficit

Cash at bank

Capital account

Non- trading concern prepare.

Choose an answer

Profit and loss account

Income and expenditure account

Manufactureing account

None of these

Receipts and payments account shows

Choose an answer

Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

In non-profit making organization final accounts contains

Choose an answer

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

Lagacies are generally treated as.

Choose an answer

Income

Capitalized

Assets

Liability

Subcription received during the current year is.

Choose an answer

An income

An expenditure

An asset

An liability.

The income and expenditure account performs the same function as.

Choose an answer

Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

Capital fun of non trading concern is equal to.

Choose an answer

Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

Excess of assets over liabilities is an indication of.

Choose an answer

Solvency

Insolvency

Deficiency

Loss

The amount paid to person who was invited to deliver a lecture in a club is known as.

Choose an answer

Hoorarium

Salary

Wages

None of these

Admission fee income should be.

Choose an answer

Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

A person who is elected to run the club

Choose an answer

Treasurer

Secretary

Chairperson

President

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer