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 will not appear in Income and Expenditure Account?

Option 1:

Depreciation on furniture

Option 2:

Subscription received in advance

Option 3:

Loss on sale of investments

Option 4: All of these

Question :

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

Option 1:

Purchase of furniture

Option 2:

Honorarium paid

Option 3:

Life membership fee received

Option 4: All of these

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