1.
Income and Expenditure account is a ______________
a.
capital account
b.
real account
c.
personal account
d. nominal account
2.
Outstanding subscription at the end of the accounting year represents _________
a.
a liability
b.
an expenditure
c. an asset
d.
a capital fund
3.
Excess of income over expenditure is termed as ___________
a.
deficit
b.
profit
c. surplus
d.
loss
4.
Not for Profit Concerns prepares
_________________ Account instead of Profit and Loss account.
a.
trading
b. income and expenditure
c.
cash
d.
receipts and payments.
5.
Usually _____________ is a major source of revenue income for 'Not for Profit
Concers'
a. subscriptions
b.
donations
c.
legacies
d.
entrance fees
6.
Non cash items are not recorded in __________________
a. Receipts and Payments account
b.
Income and Expenditure Account
c.
Balance sheet
d.
Profit and Loss account.
7.
The excess of assets over liabilities is termed as __________
a.
surplus
b.
deficit
c. capital fund
d.
loan
8.
For sports club, expenditure on the purchase of sports machinery / equipments
is a ___________
a.
revenue
b.
recurring
c.
general
d. capital
9.
Purchase of stationery is a ____________________ expenditure
a.
capital
b. revenue
c.
long term
d.
deferred revenue
10.
An Income and Expenditure account and a Balance Sheet is prepared as final
accounts by a __________________
a. Not for Profit Concern
b.
Trading Concern
c.
Commercial Organisation
d.
Public Limited Company. 