Multiple Choice
Receipts and Payments Account of non-trading concerns is a
A) Nominal Account
B) Real Account
C) Personal Account
D) All of the above
Correct Answer:

Verified
Correct Answer:
Verified
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
Q12: The disadvantage of single entry system<br>A)Incomplete and
Q13: Receipts and Payments Account is a:<br>A)Personal Account<br>B)Real
Q14: The amount of Entrance Fees received regularly
Q16: Subscriptions received in advance by a Club
Q17: Receipts and Payment A/c is a summary
Q18: Receipts and Payments Account generally shows:<br>A)A Debit
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