Question # 1

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

Admission fee income should be.

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Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

Non-profit making organization is also known as

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Non-profit seeking concern

Non-trading concern

Trading concern

"a" and "b"

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

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

The income and expenditure account performs the same function as.

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Trading and profit and loss account

Manafactureng account

Balance sheet

None of these

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Excess of assets over liabilities is an indication of.

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Solvency

Insolvency

Deficiency

Loss

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

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

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 records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

None of the 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

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All 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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