Question # 1

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

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.

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

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

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

At the end of the year non trading institutions prepare.

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Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of these

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

Surplus balance cna be shown in the balnce sheet as.

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Asset

Liability

Owner's equity

None of these

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

Debit side of income and expenditur eaccount records.

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Expenses and losses

Income and gains

Assets

Liabilities

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

All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to

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Single entry system

Double entry system

Treble entry system

"a" and "b"

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

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