Question :

A club received Entrance fees of Rs.22,000. The club capitalises 15% of the entrance fee. The amount to be credited to Income and Expenditure A/c will be:

Option 1:

Rs.14,700

Option 2:

Rs.18,700

Option 3:

Rs.3,300

Option 4: None of these

Question :

General donations are treated as:

Option 1:

Revenue receipt

Option 2:

Capital receipt

Option 3: Revenue expenditure

Option 4: Capital expenditure

Question :

Receipts and Payments Account does not include which of the following?

Option 1:

Non-cash items such as depreciation

Option 2:

Outstanding expenses

Option 3:

Accrued income

Option 4: All of these

Question :

Any amount received as per the will of a deceased person specifying its use is a:

Option 1:

Capital receipt

Option 2:

Revenue receipt

Option 3: Both 1 and 2

Option 4: None of these

Question :

Which of the following is not a feature of a not-for profit organisation?

Option 1:

Service motive

Option 2:

Separate entity

Option 3:

Unlimited liability

Option 4:

Managed by elected members