Question : Donations received for a special purpose:

Option 1: Should be shown on the Asset side of the Balance Sheet

Option 2: Should be shown on the Liability side of the Balance Sheet

Option 3: Should be shown on the credit side of the Income and Expenditure Account

Option 4: Should not be shown anywhere

Question : Complete the Table - 
Name of Account –  Account group in financial Account
Hint -  Sundry Debtors –  Balance sheet, Asset side

Indirect income ____
Current liabilities_____
Stock in hand _____
Sales account ______

Option 1:

1. Profit & Loss Account, Credit side
2. Balances Sheet, Liability side
3. Balance Sheet, Asset side
4. Trading Account, Credit side

Option 2:

1. Balance sheet, Credit side
2. Profit and loss, Liability side
3. Balance Sheet, Asset side
4. Trading Account, Credit side

Option 3:

1. Profit & Loss Account, Credit side
2. Balances Sheet, Asset side
3. Balance Sheet, Liability side
4. Trading Account, Credit side

Option 4: None of the above

Question : Specific Donation received by NPO are shown in the: 

Option 1: Credit side of income and expenditure account 

Option 2:  Debit side of income and expenditure account 

Option 3:  Assets side of balance sheet 

Option 4: Liabilities side of balance sheet 

Question : Subscription received in advance by a club are shown in the:

Option 1: Credit side of Income and Expenditure Account

Option 2: Credit side of Receipts and Payments Account

Option 3: Liability side of the Balance Sheet

Option 4: Asset side of the Balance Sheet

Question : Rent received Rs 3,500 and rent credited to Income and Expenditure Account is Rs 4,000, where would the difference be transferred?

Option 1: outstanding Rent Rs 500 shown on the liabilities side of balance sheet 

Option 2: outstanding Rent Rs 500 shown on the assets side of balance sheet 

Option 3: Rs 500 Rent received in advance shown on the liabilities side of balance sheet 

Option 4: Rs 500 paid in advance shown on the assets side of balane sheet