Multiple Choice
The receipts and Payments account records receipts and payment of
A) Revenue nature only
B) Capital nature only
C) Revenue as well as capital nature
D) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q6: Small amount of entrance fee is considered
Q7: Entrance fee, unless otherwise stated, is treated
Q8: Subscription received in advance by a club
Q9: Receipts and Payment A/c is a<br>A)Nominal A/c<br>B)Real
Q10: Subscription received in advance is<br>A)An income<br>B)An asset<br>C)Liability<br>D)None
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
Q15: Receipts and Payments Account of non-trading concerns
Q16: Subscriptions received in advance by a Club