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

Which of the following should not be recorded in the income and expenditure account?

(a)

Sale of old news papers

(b)

Loss on sale of asset

(c)

Honorarium paid to the secretary

(d)

Sale proceeds of furniture

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

(a)

Rs. 50,000

(b)

Rs. 50,200

(c)

Rs. 49,900

(d)

Rs. 49,800

Income and Expenditure account is based on _________

(a)

Cash accounting

(b)

Government accounting

(c)

Management accounting

(d)

Accrual accounting

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

(a)

Asset

(b)

Liability

(c)

Income

(d)

Expenditure

Income and Expenditure accounts show

(a)

cash available to an organization

(b)

dosing capital of an organization

(c)

cash available in the bank account

(d)

surplus or deficit for the current accounting period.

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

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

(a)

Charitable organisation

(b)

Corporation

(c)

Audit firms

(d)

Insurance companies