Question : The Receipts and payment Account is a summary of :

Option 1: Expenses and Incomes

Option 2: Assets and Liabilities

Option 3: Cash Receipts and Payments

Option 4: Debit and Credit balance of Ledger Accounts

Question : Receipts and Payments Account is a summary of:

Option 1: Income and expenses

Option 2: Debit and credit balances of ledger accounts

Option 3: Cash receipts and payments

Option 4: Balances of assets and liabilities

Question : Subscription received for special events is

Option 1: recorded in the debit of Receipts and Payments Account and in the debit of Income and Expenditure Account in the year of receipt.

Option 2: recorded in the debit of Receipts and Payments Account and in the credit of Income and Expenditure Account in the year of receipt.

Option 3: recorded in the debit of Receipts and Payments Account and shown in the assets side of the Balance Sheet till the time event is held.

Option 4: recorded in the debit of Receipts and Payments Account and shown in the liabilities side of the Balance Sheet till the time event is held.

Question :  Capital employed in a firm is calculated from the liabilities approach as follows

Option 1: Partner's capital – credit  balance in current account + free reserve + credit balance of profit  and loss account – Goodwill - Non trade investment – fictitious assets – all outside liabilities

Option 2: Partners capital + credit balance in current account (minus Debit balance of current account) + free reserve + credit balance  of profit and loss (if any) – goodwill – non trade investment

Option 3: Partners capital – credit balance in current account + free reserve + credit balance of profit and loss account – Goodwill – non trade investment – fictitious assets – all outside liabilities

Option 4: All assests – goodwill – Non trade investment – fictious assets – Debit  balance of profit and loss account – outsiders liabilities

Question : Specific Donation received by NPO are shown in the: 

Option 1: Credit side of income and expenditure account 

Option 2:  Debit side of income and expenditure account 

Option 3:  Assets side of balance sheet 

Option 4: Liabilities side of balance sheet 

Question : Grouping of Accounts means the classification of data from - 

Option 1: Assets, Capital, and Liabilities

Option 2: Assets, Capital, Liabilities, Revenues & Expenses

Option 3: Assets, Owners equity, Revenue & Expenses

Option 4: Capital, Liabilities, Revenues, & Expenses