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 :

Receipts and Payments Account shows receipts and payments of:

Option 1:

Capital nature received during the year

Option 2:

Revenue nature received during the year

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

Question :

A debit closing balance of Receipts and Payments Account show:

Option 1:

Closing balance of cash in hand and bank

Option 2:

Closing balance of capital fund

Option 3:

Balance of net assets

Option 4: Bank overdraft

Question :

Which of the following will appear on the debit side of Receipts and Payments Account of Grand Club?

Option 1:

Loss on sale of furniture

Option 2:

Subscription received

Option 3:

Insurance premium paid

Option 4: All of these