Question 1

Donations received for a special purpose will be taken to the

Accepted Answer

A) Income and Expenditure A/c 
B) Assets side of the B/S 
C) Liabilities side of the B/S 
D) None of the above 
A) Income and Expenditure A/c 
B) Assets side of the B/S 
C) Liabilities side of the B/S 
D) None of the above C

Question 2

Profit under the net worth method, when there are no drawings and no additional capital is the difference between:

Accepted Answer

A) Assets and Liabilities 
B) apital and Liabilities 
C) Assets and Capital 
D) Closing Capital and Opening Capital 
A) Assets and Liabilities 
B) apital and Liabilities 
C) Assets and Capital 
D) Closing Capital and Opening Capital D

Question 3

If opening capital is Rs.5,000. closing capital - Rs.7,000. drawings - Rs.1,000 and additional capital introduced during the year is Rs.500. then, the amount of profit made would amounted to

Accepted Answer

A) Rs.1,500 
B) Rs.2,500 
C) Rs.2,000 
D) Rs.3,000 
A) Rs.1,500 
B) Rs.2,500 
C) Rs.2,000 
D) Rs.3,000 B

Question 4

If the opening capital is Rs.20,000 and closing capital is Rs.25,000. drawings made amounted to Rs.1,800. then, the amount of Rs.________ must be introduced as an additional capital during the year in order to earn a profit of Rs.2,800.

Accepted Answer

A) Rs.6,000 
B) Rs.9,600 
C) Rs.4,000 
D) Rs.400 
A) Rs.6,000 
B) Rs.9,600 
C) Rs.4,000 
D) Rs.400

Question 5

The excess of assets over liabilities in non-trading concerns is treated as-

Accepted Answer

A) Capital Fund 
B) Capital 
C) Profit 
D) Net Profit 
A) Capital Fund 
B) Capital 
C) Profit 
D) Net Profit

Question 6

Small amount of entrance fee is considered as

Accepted Answer

A) Assets 
B) revenue income 
C) capital income 
D) Liabilities 
A) Assets 
B) revenue income 
C) capital income 
D) Liabilities

Question 7

Entrance fee, unless otherwise stated, is treated as-

Accepted Answer

A) Revenue Receipts 
B) Capital Receipts 
C) Liability 
D) None of these 
A) Revenue Receipts 
B) Capital Receipts 
C) Liability 
D) None of these

Question 8

Subscription received in advance by a club are shown in

Accepted Answer

A) Credit side of Income and Expenditure A/c 
B) Asset side of Balance Sheet 
C) Liabilities side of Balance Sheet 
D) Debit side of Income and Expenditure A/c 
A) Credit side of Income and Expenditure A/c 
B) Asset side of Balance Sheet 
C) Liabilities side of Balance Sheet 
D) Debit side of Income and Expenditure A/c

Question 9

Receipts and Payment A/c is a

Accepted Answer

A) Nominal A/c 
B) Real A/c 
C) Personal A/c 
D) Both nominal and personal A/c 
A) Nominal A/c 
B) Real A/c 
C) Personal A/c 
D) Both nominal and personal A/c

Question 10

Subscription received in advance is

Accepted Answer

A) An income 
B) An asset 
C) Liability 
D) None of the above 
A) An income 
B) An asset 
C) Liability 
D) None of the above

Question 11

The receipts and Payments account records receipts and payment of

Accepted Answer

A) Revenue nature only 
B) Capital nature only 
C) Revenue as well as capital nature 
D) None of the above 
A) Revenue nature only 
B) Capital nature only 
C) Revenue as well as capital nature 
D) None of the above

Question 12

The disadvantage of single entry system

Accepted Answer

A) Incomplete and Unscientific System 
B) Difficulty in preparing Balance Sheet 
C) True Profit or Loss cannot be ascertained 
D) All of the above 
A) Incomplete and Unscientific System 
B) Difficulty in preparing Balance Sheet 
C) True Profit or Loss cannot be ascertained 
D) All of the above

Question 13

Receipts and Payments Account is a:

Accepted Answer

A) Personal Account 
B) Real Account 
C) Nominal Account 
D) All of the above 
A) Personal Account 
B) Real Account 
C) Nominal Account 
D) All of the above

Question 14

The amount of Entrance Fees received regularly by a Not-for Profit Organisation is shown in which of the following:

Accepted Answer

A) Liability side of Balance Sheet 
B) Assets side of Balance Sheet 
C) Debit side of Income and Expenditure Account 
D) Credit side of Income and Expenditure Account 
A) Liability side of Balance Sheet 
B) Assets side of Balance Sheet 
C) Debit side of Income and Expenditure Account 
D) Credit side of Income and Expenditure Account

Question 15

Receipts and Payments Account of non-trading concerns is a

Accepted Answer

A) Nominal Account 
B) Real Account 
C) Personal Account 
D) All of the above 
A) Nominal Account 
B) Real Account 
C) Personal Account 
D) All of the above

Question 16

Subscriptions received in advance by a Club are shown on .......... side of the Balance Sheet-

Accepted Answer

A) Assets Side 
B) Liabilities Side 
C) Debit Side 
D) Credit Side 
A) Assets Side 
B) Liabilities Side 
C) Debit Side 
D) Credit Side

Question 17

Receipts and Payment A/c is a summary of

Accepted Answer

A) Debit and credit balances of ledger A/c 
B) Cash receipts and payments 
C) Income and Expenses 
D) All of the above 
A) Debit and credit balances of ledger A/c 
B) Cash receipts and payments 
C) Income and Expenses 
D) All of the above

Question 18

Receipts and Payments Account generally shows:

Accepted Answer

A) A Debit balance 
B) A Credit balance 
C) Surplus or Deficit 
D) Capital Fund 
A) A Debit balance 
B) A Credit balance 
C) Surplus or Deficit 
D) Capital Fund

Question 19

Receipts and Payments Account usually indicates-

Accepted Answer

A) Surplus 
B) Capital Fund 
C) Debit Balance 
D) Credit Balance 
A) Surplus 
B) Capital Fund 
C) Debit Balance 
D) Credit Balance

Question 20

Sale of old newspapers is-

Accepted Answer

A) Capital Receipt 
B) Revenue Receipt 
C) Asset 
D) Profit 
A) Capital Receipt 
B) Revenue Receipt 
C) Asset 
D) Profit

Exam 47: Single Entry System and Profit Calculation

Donations received for a special purpose will be taken to the

Profit under the net worth method, when there are no drawings and no additional capital is the difference between:

If opening capital is Rs.5,000. closing capital - Rs.7,000. drawings - Rs.1,000 and additional capital introduced during the year is Rs.500. then, the amount of profit made would amounted to

If the opening capital is Rs.20,000 and closing capital is Rs.25,000. drawings made amounted to Rs.1,800. then, the amount of Rs.________ must be introduced as an additional capital during the year in order to earn a profit of Rs.2,800.

The excess of assets over liabilities in non-trading concerns is treated as-

Small amount of entrance fee is considered as

Entrance fee, unless otherwise stated, is treated as-

Subscription received in advance by a club are shown in

Receipts and Payment A/c is a

Subscription received in advance is

The receipts and Payments account records receipts and payment of

The disadvantage of single entry system

Receipts and Payments Account is a:

The amount of Entrance Fees received regularly by a Not-for Profit Organisation is shown in which of the following:

Receipts and Payments Account of non-trading concerns is a

Subscriptions received in advance by a Club are shown on .......... side of the Balance Sheet-

Receipts and Payment A/c is a summary of

Receipts and Payments Account generally shows:

Receipts and Payments Account usually indicates-

Sale of old newspapers is-

Exploring Features and Advantages of Computerized Accounting Systems

Exploring Computerized Accounting Systems and Software

Non-Profit Organizations and Financial Statements

Not-For-Profit Organizations and Financial Accounts

Goodwill and Intangible Assets

Valuation and Calculation of Goodwill

Understanding the Concepts of Lessor, Lessee, and Minimum Rent

Royalty Accounting and Partnership Firms

Accounting

Accounting and Corporate Finance

Accounting and Finance

Depreciation, Share Capital, and Forfeiture of Shares

Financial Statements and Accounting Principles

Insurance Provision and Accounting Standards

Formation and Capital Structure of Public Companies

Share Forfeiture, Debentures, and Sinking Fund

Financial Accounting and Banking

Insurance and General Insurance Companies: Understanding Terms and Concepts

Single Entry System and Company Ownership

Share Capital and Shareholders in a Company

Debentures, Bonds, and Shares

Accounting Concepts and Principles

Accounting Concepts and Practices

Financial Statements and Accounting for Nonprofit Organizations

Hire Purchase, Sale of Goods, and Bookkeeping

Accounting and Bookkeeping

Allocation of Selling Expenses Among Departments Based on Sales

Accounting Concepts and Systems

Accounting and Financial Transactions

Ac Types, Balances, and Entries

Errors, Adjustments, and Expenditures in Accounting

Capitalization, Errors, Cash Book, and Types of Accounts

Revenue Recognition and Expenditure Classification

Depreciation and Asset Provision

Accounting Adjustments and Financial Statement Treatment

Balance Sheet and Profit Loss Account

Accounting and Financial Management

Bills of Exchange, Consignment, and Partnership

Accounting Standards and Joint Ventures

Accounting and Financial Management : Part A

Accounting and Financial Management : Part B

Accounting: Interest, Bill, Partnership Agreement,insurance, Contingent Liability, and Business Resources

Fundamentals of Accounting: Objectives, Concepts, and Principles

Depreciation and Reserves: Understanding the Accounting Concepts

Underwriting and Creditor Questions in Company Affairs

Amalgamation, Llp, and Single Entry System

Accounting for Receipts, Payments, Income, and Expenditure in Consignment and Joint Venture Businesses

Accounting for Co-Venturers, Consignments, and Branches

Accounting Arrangements and Operations for Branches

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