Income and Expenditure Account is prepared :
A) By Business Organisation
B) By Industrial Organisation
C) By Not-for-Profit Organisation
D) By All Organisations
Correct Answer:
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Q2: Subscription received during the year 50,000 Rs.
Q3: In case specific fund is maintained, the
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
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
Q12: For a non-trading concern, honorarium paid is:
A)An
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