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 :

A credit balance of Income and Expenditure for the year shows:

Option 1:

Surplus earned

Option 2:

Deficit incurred

Option 3: Capital fund

Option 4: None of these

Question :

Which of the following show the debit balance of Income and Expenditure Account?

Option 1:

Capital fund

Option 2:

Closing balance cash in hand and bank

Option 3:

Excess of income over expenditure

Option 4: Excess of expenditure over income

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