Question : Which of the following item is not included in the Income and Expenditure Account?
Option 1: Revenue receipts and payments for current period
Option 2: Capital receipts and payments
Option 3: Non-cash expenses
Option 4: All of these

Question

Question : Which of the following item is not included in the Income and Expenditure Account?

Option 1: Revenue receipts and payments for current period

Option 2: Capital receipts and payments

Option 3: Non-cash expenses

Option 4: All of these

Team Careers360 · Accepted Answer

Correct Answer: Capital receipts and payments

Solution : Income and Expenditure Account is an account which records all the expensesa and losses on the debit side and incomes and gains on the credit side of the not-for-profit organization. Hence, the correct option is 2.

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Question : Which of the following item is not included in the Income and Expenditure Account?Option 1: Revenue receipts and payments for current periodOption 2: Capital receipts and paymentsOption 3: Non-cash expensesOption 4: All of these

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Question : Which of the following item is not included in the Income and Expenditure Account?
Option 1: Revenue receipts and payments for current period
Option 2: Capital receipts and payments
Option 3: Non-cash expenses
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 :
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 : 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 : Which of the following accounts are opened when partners have fluctuating capital?
Option 1: Capital A/cs
Option 2: Current A/cs
Option 3: Both Capital A/cs and Current A/cs
Option 4: Either Capital of Current A/cs

Question : Which of the following accounts are opened when partners have fixed capital?
Option 1: Capital A/cs
Option 2: Current A/cs
Option 3: Both Capital A/cs and Current A/cs
Option 4: Either Capital A/cs or Current A/cs