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 :

Which of the following is not a feature of a not-for profit organisation?

Option 1:

Service motive

Option 2:

Separate entity

Option 3:

Unlimited liability

Option 4:

Managed by elected members

Question :

Which of the following will appear on the debit side of Receipts and Payments Account of Grand Club?

Option 1:

Loss on sale of furniture

Option 2:

Subscription received

Option 3:

Insurance premium paid

Option 4: All 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