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 :

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 :

Any amount received as per the will of a deceased person specifying its use is a:

Option 1:

Capital receipt

Option 2:

Revenue receipt

Option 3: Both 1 and 2

Option 4: None of these

Question :

A credit balance of Income and Expenditure for the year shows:

Option 1:

Surplus earned

Option 2:

Deficit incurred

Option 3: Capital fund

Option 4: None of these