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WorksheetsFinancial Accounting -CIA I
Total questions: 20
Worksheet time: 20mins
Receipts and Payments Account is
Personal Account
Real Account
Nominal Account
Gross and Net Profit
Income and Expenditure Account records transactions of
Revenue nature only
Capital nature only
Both Capital and Revenue
Cash transactions only
Subscription received in advance is
An Income
An Expense
An Asset
A liability
Non trading institution prepare
Profit and Loss account
Manufacturing account
Receipts and payments account
Income and expenditure account
Donations received for a special purpose will be taken to the
Liability side of the balance sheet
Asset side of the balance sheet
Income and Expenditure account
Receipts and payments account
Legacies are generally
Treated as income
Capitalized and taken to balance sheet
Treated as expenditure
Treated as Revenue and payments
Income and Expenditure Account is
Personal Account
Real Account
Nominal Account
Contingent Account
------- is a major source of income for Non-profit organisation
Subscription
Admission fee
Life members fee
Donation
Profit or loss made on sale of old assets is recorded in
Income and Expenditure account
Receipts and payments account
Balance sheet
Trading account
A profit on sale of furniture of a club will be taken to
Income and expenditure account
Cash account
Receipts and payments account
Balance sheet
Non -Departmental items of expenses are charged to
Departments on the basis of sales
General Profit and Loss account
Departments based on fixed assets employed
Capital fund
Repairs to machinery is apportioned over the departments on the basis of
Number of machines in each department
Value of machine
Floor area of each machine
Rent rate of each machine
Selling Expenses should be divided among the departments on the basis of
Purchase
Space occupied
Sales
No of employees
Salary is an example of
Direct expense
Indirect expense
Both direct and indirect expenses
Capital expense
Rent and rates paid are apportioned among the departments on the basis of
Sales
Space occupied
Purchase
Number of employees
The balance in the 'goods sent to branch ' account is transferred to
Branch account
Head office account
Profit and loss account
Trading or purchase account
In case of shortage,under stock and debtors system the profit element is debited to
Branch stock a/c
Branch Debtors a/c
Branch expenses a/c
Branch adjustments a/c
The objective of branch accounting is to know
Profit and loss
Profit and loss of each department
Profit and loss of head office
Profit and loss of manufacturing companies
The fixed asset account of a dependent branch is maintained by
Branch
Head office
Both head and branch office
Departmental store
Under the debtors system in branch a/c ,credit sales are
Debited to branch a/c
Credited to branch a/c
Debited to debtors a/c
Credited to debtors a/c
