Multiple Choice
Profit under the net worth method, when there are no drawings and no additional capital is the difference between:
A) Assets and Liabilities
B) apital and Liabilities
C) Assets and Capital
D) Closing Capital and Opening Capital
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Donations received for a special purpose will
Q3: If opening capital is Rs.5,000. closing capital
Q4: If the opening capital is Rs.20,000 and
Q5: The excess of assets over liabilities in
Q6: Small amount of entrance fee is considered
Q7: Entrance fee, unless otherwise stated, is treated
Q8: Subscription received in advance by a club
Q9: Receipts and Payment A/c is a<br>A)Nominal A/c<br>B)Real
Q10: Subscription received in advance is<br>A)An income<br>B)An asset<br>C)Liability<br>D)None
Q11: The receipts and Payments account records receipts