Income and Expenditure Account is:
  • Personal Account
  • Real Account
  • Nominal Account
  • None of these
Life Membership Fees received by a club is shown in :
  • Income and Expenditure A/c
  • Balance Sheet
  • Receipts and Payments A/c
  • None of these
Receipts and Payments Account is a :
  • Personal Account
  • Real Account
  • Nominal Account
  • None of these
Income and Expenditure Account is prepared :
  • By Business Organisation
  • By Industrial Organisation
  • By Not-for-Profit Organisation
  • By All Organisations
Payment of honorarium to secretary is treated as :
  • Capital expenditure
  • Revenue expenditure
  • An Income
Outstanding subscription is a:
  • Income
  • Asset
  • (a) and (b) both
  • None of these
Legacies should be treated as :
  • A Liability
  • A Revenue Receipt
  • An Income
  • None of these
The excess of assets over liabilities in non-trading concerns is termed as:
  • Capital Fund
  • Capital
  • Profit
  • Net Profit
For a non-trading concern, honorarium paid is:
  • An Income
  • An Asset
  • An Expense
  • None of these
Entrance fees, unless otherwise stated, is treated as:
  • A Capital Receipt
  • A Revenue Income
  • A Liability
  • None of these
Specific donation is:
  • Capital Receipt
  • Revenue Receipt
  • Asset
  • None of these
Income and Expenditure Account records transactions of:
  • Capital nature only
  • Revenue nature only
  • (a) and (b) both
  • None of these
Life membership fee received by a club is:
  • Revenue Receipt
  • Capital Receipt
  • (a) and (b) both
  • None of these
All receipts of capital nature are shown in :
  • Income and Expenditure A/c
  • Balance Sheet
  • P. & L. A/c
  • None of these
All items of revenue in nature are shown in:
  • Income and Expenditure A/c
  • Balance Sheet
  • (a) and (b) both
  • None of these
Which of the following is not a not-for-profit organisation ?
  • College
  • Sports Club
  • Maruti Udyog
  • Hospital
Subscriptions received in advance by a club are shown on… .of the Balance Sheet
  • Assets Side
  • Liabilities Side
  • Debit Side
  • Credit Side
Which of the following is not an income ?
  • Subscription
  • Donation
  • Sale of Ticket
  • Endowment Fund
Most transaction in non-trading concerns are:
  • Cash
  • Credit
  • Both (a) and (b)
  • None of these
The main object of non-profit organisation is:
  • To earn Profit
  • To Serve the Society
  • To Prepare Profit & Loss A/c
  • All the above
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