Question # 1

Subcription received during the current year is.

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An income

An expenditure

An asset

An liability.

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

Receipts and payments account records the transactions of

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Revenue nature

Capital nature

Revenue and capital nature

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

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 expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

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

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Donation

Subscription

Legacy

None of these

Non-profit making organizations

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Buy goods

Manufacture goods

Sell goods

None of these

A person who is elected to run the club

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Treasurer

Secretary

Chairperson

President

Accured subscripttion represents.

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An expense

An income

An asset

A liability.

Credit side of iincome and expenditure account records.

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Expenses and losses

Income and gains

Assets

Liabilities

Non-profit seeking organizations prepare

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Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

In receipt and payments account

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No narration is written

No ledger reference is recorded

Daily cash balance cannot be ascertained

All of the above

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

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Expense

Assets

Income

Liability

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"

Income and expenditur eaccount is prepared on.

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Cash basis

Accrual basis

Cahs of accural basis

None of these

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

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

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

Income and expenditure account is equivalent to the.

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Receipt and payment account

Balance sheet

Cash book

Profit and loss account

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