Question :

The surplus generated by a not-for-profit organisation is:

Option 1: Distributed amongst the members

Option 2: Added to capital fund

Option 3: Credited to a special fund

Option 4: None of these

Question :

As all other business concerns be its sole proprietorship or partnership have capital, a not-for- profit organisation has:

Option 1:

capital fund

Option 2: general fund

Option 3: any of these

Option 4: none of these

Question : Current Account of the partners should be opened when capital are:

Option 1: fluctuating

Option 2: fixed

Option 3: circulating

Option 4: none of these

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 : What balance does a partner's capital account have, in case of fluctuating capital?

Option 1: Debit balance

Option 2: Credit

Option 3: Both (1) or (2)

Option 4: None of these