Multiple Choice
Receipts and Payments Account generally shows:
A) A Debit balance
B) A Credit balance
C) Surplus or Deficit
D) Capital Fund
Correct Answer:
Verified
Correct Answer:
Verified
Q13: Receipts and Payments Account is a:<br>A)Personal Account<br>B)Real
Q14: The amount of Entrance Fees received regularly
Q15: Receipts and Payments Account of non-trading concerns
Q16: Subscriptions received in advance by a Club
Q17: Receipts and Payment A/c is a summary
Q19: Receipts and Payments Account usually indicates-<br>A)Surplus<br>B)Capital Fund<br>C)Debit
Q20: Sale of old newspapers is-<br>A)Capital Receipt<br>B)Revenue Receipt<br>C)Asset<br>D)Profit
Q21: In single entry system sales are computed
Q22: Bill dishonored is shown in<br>A)Bills receivable account<br>B)Bills
Q23: To ascertain the real profit, the difference