Income and Expenditure Account records transactions of:
A) Capital nature only
B) Revenue nature only
C) (a) and (b) both
D) None of these
Correct Answer:
Verified
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
Q13: Entrance fees, unless otherwise stated, is treated
Q14: Specific donation is:
A)Capital receipt
B)Revenue Receipt
C)Assets
D)Liabilities
Q16: Life membership fee received by a club
Q17: All receipts of capital nature are shown
Q18: All items of revenue in nature are
Q19: Which of the following is not a
Q20: Subscriptions received in advance by a club
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