Question

1 Income and expenditure account reveals

1 point

Surplus or deficiency

Net profit

Cash in hand

Capital account

2. Subscription received by a school for organising annual function is treated as

1 point

Capital receipt

Revenue receipt

Earned income

Assets

3 in which account the excess of income over expenditure is added in case of a not for profit organisation

1 point

Capital account

Assets account

Specific fund account

Option 4

4 . Life membership fees received by an institution is a----------- receipt.

1 point

Revenue receipt

Capital receipt

5 . Amount received as legacy is credited to income account.

1 point

True

False

6. Subscription received in cash during the year amounted to Rs. 60000. subscription received in advance for next year was Rs.3000 and received in advance during previous year was Rs.2000.subscription in arrear at the end of current year was Rs.5400 the amount credited to income and expenditure account will be

3 points

53600

64500

39900

64400

7. The opening balance of prize found was 32800 .During the year donation received toward this fund amounted to rupees 15400. Amount spent on prizes was rupees 12300 and interest received on prize fund investment was 4000 .The closing balance of prize fund will be

3 points

56500

39900

31900

64500

8. On the basis of following information calculate the amount of stationery to be shown in income and expenditure account for the year ended 31st March 2019 Stock of stationery on 1st April 2018 rupees 50000 Stock of stationery on 31st March 2019 rupees 40000 . Creditors for stationery on 1st April 2018 rupees 20000. Creditors for stationery on 31st March 2019 rupees 10000. Amount paid for stationery during the year 200000

3 points

300000

200000

100000

150000

9 Salary paid in cash during the current year was rupees 80000 Outstanding salary at the end was 4000 salary Paid in advance last year pertaining to be current year was 3200 salary Paid in advance during the current year for the next year was rupees 5000. The amount debited to income and expenditure account will be

4 points

82200

85800

77800

74200

10. Receipt and payment account is a

1 point

Real account

Nominal account

Personal account

Assets account

11. Donation for specific purpose are always capitalised

1 point

True

False

1 Income and expenditure account reveals

1 point

Surplus or deficiency

Net profit

Cash in hand

Capital account

2. Subscription received by a school for organising annual function is treated as

1 point

Capital receipt

Revenue receipt

Earned income

Assets

3 in which account the excess of income over expenditure is added in case of a not for profit organisation

1 point

Capital account

Assets account

Specific fund account

Option 4

4 . Life membership fees received by an institution is a----------- receipt.

1 point

Revenue receipt

Capital receipt

5 . Amount received as legacy is credited to income account.

1 point

True

False

6. Subscription received in cash during the year amounted to Rs. 60000. subscription received in advance for next year was Rs.3000 and received in advance during previous year was Rs.2000.subscription in arrear at the end of current year was Rs.5400 the amount credited to income and expenditure account will be

3 points

53600

64500

39900

64400

7. The opening balance of prize found was 32800 .During the year donation received toward this fund amounted to rupees 15400. Amount spent on prizes was rupees 12300 and interest received on prize fund investment was 4000 .The closing balance of prize fund will be

3 points

56500

39900

31900

64500

8. On the basis of following information calculate the amount of stationery to be shown in income and expenditure account for the year ended 31st March 2019 Stock of stationery on 1st April 2018 rupees 50000 Stock of stationery on 31st March 2019 rupees 40000 . Creditors for stationery on 1st April 2018 rupees 20000. Creditors for stationery on 31st March 2019 rupees 10000. Amount paid for stationery during the year 200000

3 points

300000

200000

100000

150000

9 Salary paid in cash during the current year was rupees 80000 Outstanding salary at the end was 4000 salary Paid in advance last year pertaining to be current year was 3200 salary Paid in advance during the current year for the next year was rupees 5000. The amount debited to income and expenditure account will be

4 points

82200

85800

77800

74200

10. Receipt and payment account is a

1 point

Real account

Nominal account

Personal account

Assets account

11. Donation for specific purpose are always capitalised

1 point

True

False

​

Answer 1

Answer:

this answer is true any some more