Question # 1

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

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

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

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

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

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

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

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Surplus

Deficit

Assets

Liabilities

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

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Directors

Member

governing body

Promoters

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

Income and expenditure account is usually accompanied by.

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Trail balance

Balance sheet

Cash book

None of these

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

The income and expenditure account begins with.

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Opening debit balance

Opening credit balance

Opening balance

None of these

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

Subscription Received in advance is.

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An income

An assets

Liability

An expenditure

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

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

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Surplus

Deficit

Capital fund

Profit

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

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