Question # 1

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

If the debit side of the recipt and payment account exceeds the credit side it represents.

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Bank over draft

Cash at bank

Surplus balnce

Deficit balance

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

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

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

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 activities of non -trading concern are managed by the.

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Directors

Member

governing body

Promoters

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Excess of liablilities over assets is an indication of .

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Solvency

Insolvency

Surplus

Profit

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

It is prepared by non-profit making organizations to determine surplus or deficit

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Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

All of the above

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

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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