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WorksheetsNon Trading Concerns:
Total questions: 13
Worksheet time: 7mins
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
1-If rent received during the year is Rs. 5000 and the amount of pre-received rent is Rs. 600 then the amount credited to income and expenditure account will be: 2015
A. Rş. 4400
B. Rs. 5600
C. Rs. 5000
D. Rs. 6200
2-Entrance fee Rs. 8000 which is 90% capitalized, the amount to be credited to income and expenditure account is: 2015
A. Rs. 800
B. Rs. 7600
C. Rs. 7200
D. Rs. 8000
12-Entrance fee Rs. 10,000/- which is 80% capitalized, what income should be credited to income and expenditure account? 2019
A. Rs. 1000
B. Rs.2000
C. Rs.2500
D. Rs.3000
