The excess of assets over liabilities in non-trading concerns is termed as:
A) Capital Fund
B) Capital
C) Profit
D) Net profit
Correct Answer:
Verified
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
Q12: For a non-trading concern, honorarium paid is:
A)An
Q13: Entrance fees, unless otherwise stated, is treated
Q14: Specific donation is:
A)Capital receipt
B)Revenue Receipt
C)Assets
D)Liabilities
Q15: Income and Expenditure Account records transactions of:
A)Capital
Q16: Life membership fee received by a club
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