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

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

Question :

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

Option 1:

Purchase of furniture

Option 2:

Honorarium paid

Option 3:

Life membership fee received

Option 4: All of these

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