For a non-trading concern, honorarium paid is:
A) An Income
B) An Assets
C) An Expense
D) None of these
Correct Answer:
Verified
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
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
Q17: All receipts of capital nature are shown
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