Receipts and Payment accounts is a_________ account in nature.

(a)

real

(b)

personal

(c)

nominal

(d)

all of these

_______Items will be recorded in the balance sheet

(a)

Revenue

(b)

Capital

(c)

Expense

(d)

None of these

A gift made to a not-for-profit organization by a will, is called________

(a)

Subscription

(b)

Life membership fee

(c)

Legacy

(d)

Donations

_______is the remuneration paid to a person who is not a regular employee of the organization

(a)

Purchase of sports materials

(b)

Purchase of sports equipment

(c)

Honararium

(d)

Legacy

_______is prepared to find out the surplus or deficit pertaining to a particular year.

(a)

Income and Expenditure account

(b)

Receipts and Payment account

(c)

Trading and Profit and loss account

(d)

Balance sheet