Q. All receipts of capital nature are shown in : Sol:
✅ Correct Answer: (B)
Balance Sheet
Financial Accounting MCQs and Notes
Q. Life membership fee received by a club is: Sol:
✅ Correct Answer: (B)
Capital Receipt
Q. Income and Expenditure Account records transactions of: Sol:
✅ Correct Answer: (B)
Revenue nature only
Q. Specific donation is: Sol:
✅ Correct Answer: (A)
Capital receipt
Q. Entrance fees, unless otherwise stated, is treated as: Sol:
✅ Correct Answer: (B)
A Revenue Income
Q. For a non-trading concern, honorarium paid is: Sol:
✅ Correct Answer: (C)
An Expense
Q. The excess of assets over liabilities in non-trading concerns is termed as: Sol:
✅ Correct Answer: (A)
Capital Fund
Q. Legacies should be treated as Sol:
✅ Correct Answer: (A)
A Liability
Q. Outstanding subscription is a: Sol:
✅ Correct Answer: (C)
(a) and (b) Both
Q. Payment of honorarium to secretary is treated as : Sol:
✅ Correct Answer: (B)
Revenue expenditure