Receipts and payments account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

Receipts and payments account records receipts and payments of

(a)

Revenue nature only

(b)

Capital nature only

(c)

Both revenue and capital nature

(d)

None of the above

Subscription due but not received for the current year is

(a)

An asset

(b)

A liability

(c)

An expense

(d)

An item to be ignored

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

Donations received for a specific purpose is

(a)

Revenue receipt

(b)

Capital receipt

(c)

Revenue expenditure

(d)

Capital expenditure

Which of the following is to be recorded in an income and expenditure account?

(a)

Purchase of a fixed asset

(b)

Capital expenditure incurred on a fixed asset

(c)

Profit on the sale of a fixed asset

(d)

Sale of a fixed asset

Subscription received but not yet earned is considered as a /an _____________

(a)

Asset

(b)

Liability

(c)

Income

(d)

Expenditure

Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

(a)

Rs. 10,000

(b)

Rs. 9,000

(c)

Rs. 12,000

(d)

Rs. 8,000

On what basis the receipts and payments account is prepared?

(a)

Cash basis

(b)

Credit basis

(c)

Both

(d)

None of these

The amount or property received by a non - profit organization as stated by the will of a decreased person is commonly referred to as ___________

(a)

Donation

(b)

Honorarium

(c)

Legacy

(d)

Endowment

Some organisations are established for the purpose of rending services to the public without __________

(a)

any profit motive

(b)

any service motive

(c)

both

(d)

none of these

Charitable institutions and educational institutions are the examples of ___________

(a)

profit organisation

(b)

not-for-profit organisation

(c)

both

(d)

none of these

If the donation is received without any specific condition, then it is a __________

(a)

general donation

(b)

specific donation

(c)

donation fund

(d)

none of these

Capital fund also called as ___________

(a)

accumulated fund

(b)

special fund

(c)

donation fund

(d)

none of these

Which of the following is generally considered as a non profit organisation?

(a)

Charitable organisation

(b)

Corporation

(c)

Audit firms

(d)

Insurance companies