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Select the most appropriate alternatives from those given below.i. Purchases of stationery is a ________ expenditure. (a) capital (b) revenue (c) long-term (d) deferred revenueii. Usually _________ is a major source of revenue income for ‘Not for Profit’ concerns. (a) subscription (b) donations (c) legacies (d) entrance feesiii. An Income and Expenditure Account and a Balance Sheet are prepared as final accounts by a _________ (a) ‘Not for Profit’ concern (b) Trading concern (c) commercial organisation (d) Public Limited Companyiv. Non-cash items are not recorded in __________ (a) Income and Expenditure Account (b) Receipts and Payments Account (c) Balance Sheet (d) Profit and Loss Accountv. The excess of assets over liabilities is termed as ____________(a) surplus (b) deficit (c) capital fund (d) loan |
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Answer» i. (b) revenue ii. (a) subscription iii. (a) ‘Not for Profit’ concern iv. (b) Receipts and Payments Account v. (c) capital fund |
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