Question # 1

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

Receipt and payment account starts with the.

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Opening balance

Ending balance

Beginning or ending balance

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

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

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Directors

Member

governing body

Promoters

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

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

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

All of the above

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

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

If the credit side of the income oand expenditur eaccount is greater it is termed as.

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Deficit

Surplus

Asset

Liability

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

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

Capital is obtained by deductin liabiliities from.

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Expenditures

Receipt

Assets

Incomes

Capital fun of non trading concern is equal to.

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Assets + Income

Assets + Liabilities

Expenditure + Liabilities.

Assets - Liabilities

The income through admissionfee shoul dbe.

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Capitalized

Treated as revenue

Treated as liability

An expenses

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

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