Related InterviewSolutions

• Credit side balance in Income & Expenditure Account reveals :A. Excess of cash receipts over paymentsB. Excess of cash payments over receiptsC. Excess of expenditure over incomeD. Excess of income over expenditure
• Income and Expenditure Account reveals :A. Surplus or DeficiencyB. Cash in HandC. Net profitD. Capital Account
• Income and Expenditure Account is a :A. Personal AccountB. Real AccountC. Nominal AccountD. Real and Nominal Account, both
• Donation received for a special purpose :A. Should be credited to Income and Expenditure AccountB. Should be credited to separate account and shown in the Balance SheetC. Should be shown on the assets sideD. Should not be recorded at all.
• Receipts and Payments Account generally shows :A. A Debit balanceB. A Credit BalanceC. Surplus or DeficitD. Capital Fund
• Receipts and Payments Account is a :A. Personal AccountB. Real AccountC. Nominal AccountD. Real and Nominal Account, both
• Subscription received by a school for organising annual function is treated as:A. Capital Receipt (i.e., Liability)B. Revenue Receipt (i.e., Income)C. AssetD. Earned Income
• The Receipts and Payments Account is a summary of :A. Debit and Credit balance of Ledger AccountsB. Cash Receipts and PaymentsC. Expenses and IncomesD. Assets and Liabilities
• Out of following items. which one is shown in the Receipts and Payments Account?A. Outstanding SalaryB. DepreciationC. Lifo Membership FeesD. Accrued Subscription
• Not-for-profit organisations prepare :A. Trading AccountB. Trading & Profit and Loss AccountC. Income and Expenditure AccountD. All of the above