What does the balance of income and expenditure account shows
A) Cash
B) Debit or credit
C) Profit or loss
D) Surplus or deficit
Correct Answer:
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Q10: In a non profit organizations cashbook shows_
Q11: Receipts and payment account begins with opening
Q12: Receipts and payment accounts includes all receipts
Q13: Receipts and payment accounts records all receipts
Q14: While preparing the final a accounts of
Q16: Donation of Rs 1000 is
A)Income
B)Capital
C)Liability
D)Asset
Q17: Specific donation of Rs 1000 is
A)Income
B)Capital
C)Liability
D)Asset
Q18: Donation which is given as per will
Q19: Loss on sale of asset is taken
Q20: Honorarium is taken to
A)Receipts and payment account
B)Income
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