Question :

Which of the following will not appear on the asset side of the Balance Sheet of a Social Club?

Option 1: Honorarium

Option 2: Sports fund Investment

Option 3: Balance of cash in hand and Bank

Option 4: Outstanding Subscription

Question :

The amount received from the sale of old sports material by a sports club is shown on:

Option 1: Debit side of Income and Expenditure Account

Option 2: Credit side of Income and Expenditure Account

Option 3: Credit side of Receipts and Payments Account

Option 4: Assets side of Balance Sheet

Question :

The amount received on the sale of furniture will be shown on:

Option 1: Credit side of Income and Expenditure

Option 2: Debit side of Income and Expenditure Account

Option 3: Debit side of Receipts and Payments Account

Option 4: Credit side of Receipts and Payments Account

Question :

Not-for-profit organisation prepare Receipts and Payments Account because:

Option 1:

It is a summary of cash receipts and payments

Option 2:

It helps in the preparation of Income and Expenditure A/c and Balance Sheet

Option 3:

It is to be submitted to the Registrar of societies along with Income and Expenditure A/c and Balance Sheet

Option 4: All of these

Question : The Partner's Current Account has:

Option 1: a debit balance

Option 2: a credit balance

Option 3: either a debit or credit balance

Option 4: a nil balance