Receipt and payment account records transactions relating to: 2015

• A. Past year

• B. Future year

• C. Present year

• D. All of these

Legacies are generally: 2016

• A. Capitalized

• B. Treated as income

• C. Treated as expenditure

• D. None of these

In income and expenditure account: 2016

• A. Expenses are recorded on debit side

• B. Revenues are recorded on credit side

• C. Does not start with any opening balance

• D. All of these

A receipts and payments account is similar to: 2017

• A. An income and expenditure account

• B. A statement of affairs

• C. A cash or a bank account

• D. Profit or loss account

The amount paid to persons who are invited to deliver lectures in a club is known as: 2017

• A. Salary

• B. wages

• C. Honorarium

• D. Income

A person who is elected to run the club is called: 2017

• A. Treasurer

• B. Secretary

• C. Chairperson

• D. President

In non-trading concerns, the subscription received in advance is considered as: 2018

• A. Income

• B. Asset

• C. Expense

• D. Liability

Capital fund of a non-trading concerns is equal to: 2018

• A. Assets + liabilities

• B. Assets + income

• C. Expenditure + liabilities

• D. Assets -- liabilities

Any profit on the sale of sports material of a club will be taken to: 2018

• A. Receipts and payments account

• B. Profit and loss account

• C. Income and expenditure account

• D. Balance sheet

Receipts and payments account shows: 2019

• A. Opening and closing balance of cash

• B. Assets and liabilities

• C. Liabilities and capital

• D. Profit and loss