Multiple Choice
Legacy for specific purpose is :
A) Added to the specific fund
B) Shown in Income and expenditure account
C) Shown as separate liability
D) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Sale of old newspapers is-<br>A)Capital Receipt<br>B)Revenue Receipt<br>C)Asset<br>D)Profit
Q21: In single entry system sales are computed
Q22: Bill dishonored is shown in<br>A)Bills receivable account<br>B)Bills
Q23: To ascertain the real profit, the difference
Q24: The single entry system cannot be adopted
Q26: Entrance fees are generally<br>A)Capitalised<br>B)Taken as income<br>C)Treated as
Q27: The amount of credit sale is ascertained
Q28: In not-for-profit organisations, excess of expenditure over
Q29: Under single entry system, only personal accounts
Q30: Income and expenditure account reveals<br>A)Cash in hand<br>B)Surplus