Receipts and Payments Account generally shows:
A) A Debit balance
B) A Credit balance
C) Surplus or Deficit
D) Capital Fund
Correct Answer:
Verified
Q30: Credit purchases can be ascertained by preparing
A)Creditors
Q31: The advantage of a single entry system
A)It
Q32: The disadvantage of single entry system
A)Incomplete and
Q33: The content of single entry system is
A)Double
Q34: Net Profit under single entry system is
Q36: Income and Expenditure Account records transactions of:
A)Revenue
Q37: Income and Expenditure Account reveals
A)Surplus or Deficiency
B)Cash
Q38: The amount of 'Subscription received from members'
Q39: Donation received for a special purpose:
A)Should be
Q40: The amount of Entrance Fees received regularly
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