Question # 1

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

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

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

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

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Donation

Subscription

Legacy

None of these

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending 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

Non- trading concern prepare.

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Profit and loss account

Income and expenditure account

Manufactureing account

None of these

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 equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

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

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

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.

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

The Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

Example of non-profit making organization

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Fan factory

Sugar industry

Hospital

Shoe factory

The excess of total assets over total liabilituies of a concern is called.

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Surplus

Deficit

Capital fund

Profit

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

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

Receipts and payments account shows

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Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

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