Q. Income and Expenditure Account is prepared : Sol:
✅ Correct Answer: (C)
By Not-for-Profit Organisation
Financial Accounting MCQs and Notes
Q. Receipts and Payments Account is a : Sol:
✅ Correct Answer: (B)
Real Account
Q. Life Membership Fees received by a club is shown in : Sol:
✅ Correct Answer: (B)
Balance Sheet
Q. Income and Expenditure Account is: Sol:
✅ Correct Answer: (C)
Nominal Account
Q. In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
✅ Correct Answer: (B)
Debit side of the Income and Expenditure Account
Q. Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of
the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income
from subscription will be :
the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income
from subscription will be :
✅ Correct Answer: (C)
RS 52000
Q. Which of the following is not a not-for-profit organisation: Sol:
✅ Correct Answer: (D)
Partnership Firm
Q. Income and expenses related to the prize fund is shown in: Sol:
✅ Correct Answer: (A)
Income and Expenditure Account
Q. Sale of old newspapers is: Sol:
✅ Correct Answer: (B)
Revenue Receipt
Q. Income and Expenditure Account is preparedly : Sol:
✅ Correct Answer: (B)
Non-trading Organisation