Receipts and Payments A/c is a summary of:
  • All Capital Receipts and Payments
  • All Revenue Receipts and Payments
  • All Revenue and Capital Receipts and Payments
  • None of the above
Subscription received by a schoblfbr organising annual V function is treated as:
  • Capital Receipt
  • Revenue Receipt
  • Asset
  • Earned Income
Out of the following items, which one is shown in the Receipts and Payments Account?
  • Outstanding Salary
  • Depreciation
  • Life Membership Fees
  • Accrued Subscription
In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:
  • Liabilities side of the Balance Sheet
  • Debit side the Income and Expenditure Account
  • Credit side of the Income and Expenditure Account
  • Assets side of the Balance Sheet
All receipts from sale of consumable items are treated as:
  • Capital Receipts
  • Revenue Receipts
  • Both (a) and (b)
  • None of these
Capital fUnd is calculated:
  • Income-Expenditure
  • Assets Liabilities
  • Capital + Liabilities
  • None of these
Subscription redeved in advance during the current year is:
  • An income
  • An Asset
  • A liability
  • None of these
Balance of Income and Expenditure Account shows:
  • Cash in hand
  • Capital Fund
  • Net Profit
  • Excess of Income over Expenditure or Vice Versa
Property received as a result of the will of the deceased person is called:
  • Legacy
  • Honorarium
  • Donation
  • Subscription
Receipts and Payments Account usually indicates:
  • Surplus
  • Capital Fund
  • Debit Balance
  • Credit Balance
Income and Expenditure Account generally indicates:
  • Surplus/Deficit
  • Cash Balance
  • Capital Fund
  • Net Profit/Loss
Donation received for a special purpose:
  • Should be credited to Income and Expenditure A/c
  • Should be credited to a separate account and shown in the Balance Sheet
  • Should be shown on the Assets side of the Balance Sheet
  • None of these
In not-for-profit organisation, excess of expenditure over income is called :
  • Loss
  • Profit
  • Deficit
  • Surplus
Which of the following is a non-profitable organisation ?
  • Jharkhand Academic Council
  • Tata Steel
  • Air India
  • Reliance Co. Ltd.
Income and Expenditure Account is preparedly :
  • Trending Organisation
  • Non-trading Organisation
  • Both (a) and (b)
  • None of these
Sale of old newspapers is:
  • Capital Receipt
  • Revenue Receipt
  • Asset
  • Profit
Income and expenses related to the prize fund is shown in:
  • Income and Expenditure Account
  • Assets side of the Balance Sheet
  • Liabilities side of the Balance Sheet
  • Cash Account
Which of the following is not a not-for-profit organisation:
  • School
  • Hospital
  • Club
  • Partnership Firm
Subscription received during the year ₹ 1,80,000 Subscriptions outstanding at the end of the year ₹ 20,000 Subscriptions received in advance at the end of the year ₹ 10,The amount of subscription to be credited to Income and Expenditure Account will be:
  • ₹ 2,10,000
  • ₹ 1,90,000
  • ₹ 1,70,000
  • ₹ 2,00,000
In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
  • Liabilities side of the Balance Sheet
  • Debit side of the Income and Expenditure Account
  • Credit side of the Income and Expenditure Account
  • Assets side of the Balance Sheet
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