In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
A) Liabilities side of the Balance Sheet
B) Debit side of the Income and Expenditure Account
C) Credit side of the Income and Expenditure Account
D) Assets side of the Balance Sheet
Correct Answer:
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Q1: Which of the following is not a
Q2: Subscription received during the year 50,000 Rs.
Q4: Income and Expenditure Account is:
A)Personal Account
B)Real Account
C)Nominal
Q5: Life Membership Fees received by a club
Q6: Receipts and Payments Account is a :
A)Personal
Q7: Income and Expenditure Account is prepared :
A)By
Q8: Payment of honorarium to secretary is treated
Q9: Outstanding subscription is a:
A)Income
B)Assets
C)(a) and (b) Both
D)None
Q10: Legacies should be treated as
A)A Liability
B)A Revenue
Q11: The excess of assets over liabilities in
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