Multiple Choice
Donation received for a special purpose:
A) Should be credited to Income and Expenditure Account
B) Should be credited to separate account and shown in the Balance Sheet
C) Should be shown on the assets side of the Balance Sheet
D) Should not be recorded at all
Correct Answer:
Verified
Correct Answer:
Verified
Q30: Income and expenditure account reveals<br>A)Cash in hand<br>B)Surplus
Q31: Net Profit under single entry system is
Q32: Donations received for a special purpose are<br>A)Asset<br>B)Revenue
Q33: Single entry system contains<br>A)All the relevant accounts<br>B)Only
Q34: General donations of relatively large amount is
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