Question :

General donations are treated as:

Option 1:

Revenue receipt

Option 2:

Capital receipt

Option 3: Revenue expenditure

Option 4: Capital expenditure

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 :

Which of the following will appear on the asset side of the Balance Sheet of a club?

Option 1:

Specific fund

Option 2:

Surplus earned during the year

Option 3:

Salary outstanding

Option 4: Subscription outstanding

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