Question # 1

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

the activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

Receipt and payment account is prepared at the.

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Start of the year

End of the year

Mid of the financeial year

None of these

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

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

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

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

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

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

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

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

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