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

Question :

Which of the following show the debit balance of Income and Expenditure Account?

Option 1:

Capital fund

Option 2:

Closing balance cash in hand and bank

Option 3:

Excess of income over expenditure

Option 4: Excess of expenditure over income

Question :

General donations are treated as:

Option 1:

Revenue receipt

Option 2:

Capital receipt

Option 3: Revenue expenditure

Option 4: Capital expenditure

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 :

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