Multiple Choice
General donations of relatively large amount is recorded on the
A) Income side of Income and Expenditure Account
B) Liabilities side of Balance Sheet
C) Receipts side of Receipts and Payments Account
D) both b. and c.
Correct Answer:
Verified
Correct Answer:
Verified
Q29: Under single entry system, only personal accounts
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
Q35: Donation received for a special purpose:<br>A)Should be
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