Question : Which of the following is not a type of balance of payments surplus or deficit?

Option 1: Trade surplus or deficit

Option 2: Current account surplus or deficit

Option 3: Capital account surplus or deficit

Option 4: Service account surplus or deficit

Question : Surplus/Deficit of an NPO is known from the:

Option 1: Receipts and Payments Account

Option 2: Cash Book

Option 3: Income and Expenditure Account

Option 4: Balance Sheet

Question : In an Income and Expenditure Account, excess of credit implies:

Option 1: Surplus

Option 2: Deficit

Option 3: Closing bank balance

Option 4: Closing bank overdraft

Question : An Income and Expenditure Account reveals:

Option 1: Surplus/Deficit

Option 2: Cash in hand/Bank

Option 3: Net profit/loss

Option 4: Capital fund

Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?

Option 1: assets side of closing Balance Sheet

Option 2: assets side of opening Balance Sheet

Option 3: Liabilities side of closing Balance Sheet

Option 4: Liabilities side of opening Balance Sheet