Multiple Choice
Non-trading organization prepares
A) Income and Expenditure A/c
B) Trading and profit and loss A/c
C) Trading A/c only
D) Profit and loss A/c only
Correct Answer:

Verified
Correct Answer:
Verified
Q39: Income and Expenditure A/c is a<br>A)Nominal A/c<br>B)Real
Q40: From incomplete records, it is possible to
Q41: Income and Expenditure Account records transactions of:<br>A)Revenue
Q42: Under the net worth method, the profit
Q43: Income and expenditure Account shows a balance
Q45: Credit purchase is determined by preparing<br>A)Purchase Account<br>B)Debtor's
Q46: Outstanding subscription is a/an<br>A)Income<br>B)Asset<br>C)Liability<br>D)None of these
Q47: Credit sales can be ascertained by preparing<br>A)Creditors
Q48: Under single entry system details of<br>A)Expenses will
Q49: Income and Expenditure A/c reveals<br>A)Cash in hand<br>B)Surplus