Question :

An account akin to Profit and Loss Account in profit organisation is:

Option 1:

Receipts and Payments Account

Option 2:

Trading Account

Option 3:

Income and Expenditure Account

Option 4: General Fund Account

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 :

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

Question :

The Receipts and Payments Account of Social Club starts with a credit balance of Rs.5,000. This implies the club has:

Option 1:

The net assets of Rs.5,000 as opening balance

Option 2:

The capital fund of Rs.5,000

Option 3:

The balance of cash in hand of Rs.5,000

Option 4: Bank overdraft of Rs.5.000

Question :

Sale of used sports material for Rs.500 by a cricket club should be:

Option 1:

Credited to Income and Expenditure A/c

Option 2:

Debited to Income and Expenditure A/c

Option 3:

Added to capital fund

Option 4: None of these