Outstanding Expenses are related to-
  • Current year
  • Next year
  • Last year
  • None of these.
Prepaid expenses are shown in-
  • Liability side
  • Asset side
  • Assets or Liability side
  • None of these.
Charity of goods is-
  • Expenses
  • Loss
  • Profit
  • None of these.
If a person fails to pay his debt, such amount is considered as-
  • Bad debts
  • Bad debts recovered
  • Provision for Bad debt
  • None of these.
The object of non – trading concerns-
  • Social service
  • Profit earning
  • Both of these
  • None of the above.
Such persons who earn remuneration against their services are called –
  • Seller
  • Purchaser
  • Professional
  • None of these.
Which of the following is not an item of income of Non – trading concern –
  • Entrance fees
  • Interest
  • Govt. Aid
  • Salary.
Receipt and payment account is a summary of-
  • Income & Expenditure account
  • Profit & Loss A/c
  • Cash – book
  • None of these.
Which of the following is recorded in income & expenditure account –
  • Revenue items
  • Capital items
  • Revenue and capital items
  • None of these.
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