Question : Which of the following items appear in Income and Expenditure A/c but not in Receipts and Payments Account?

Option 1: Entrance fees

Option 2: Subscription

Option 3: Depreciation on building

Option 4: Honorarium to secretary

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 :

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 :

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 :

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 :

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