Question :

Which of the following will appear on the asset side of the Balance Sheet of a club?

Option 1:

Specific fund

Option 2:

Surplus earned during the year

Option 3:

Salary outstanding

Option 4: Subscription outstanding

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

Question :

As all other business concerns be its sole proprietorship or partnership have capital, a not-for- profit organisation has:

Option 1:

capital fund

Option 2: general fund

Option 3: any of these

Option 4: none of these

Question :

The Receipts and Payments Account of Social Club starts with a credit balance of Rs.5,000. This implies the club has:

Option 1:

The net assets of Rs.5,000 as opening balance

Option 2:

The capital fund of Rs.5,000

Option 3:

The balance of cash in hand of Rs.5,000

Option 4: Bank overdraft of Rs.5.000

Question :

A debit closing balance of Receipts and Payments Account show:

Option 1:

Closing balance of cash in hand and bank

Option 2:

Closing balance of capital fund

Option 3:

Balance of net assets

Option 4: Bank overdraft