Multiple Choice
Income and Expenditure Account records transactions of:
A) Revenue nature only
B) Capital nature only
C) Both revenue and capital nature
D) Income of only revenue nature and expenditure of revenue and capital nature
Correct Answer:

Verified
Correct Answer:
Verified
Q36: The Income and expenditure account begins with<br>A)Debit
Q37: The amount of 'Subscription received from members'
Q38: Not - for - profit organisations institutions
Q39: Income and Expenditure A/c is a<br>A)Nominal A/c<br>B)Real
Q40: From incomplete records, it is possible to
Q42: Under the net worth method, the profit
Q43: Income and expenditure Account shows a balance
Q44: Non-trading organization prepares<br>A)Income and Expenditure A/c<br>B)Trading and
Q45: Credit purchase is determined by preparing<br>A)Purchase Account<br>B)Debtor's
Q46: Outstanding subscription is a/an<br>A)Income<br>B)Asset<br>C)Liability<br>D)None of these