Donation received for a special purpose:
A) Should be credited to Income and Expenditure Account
B) Should be credited to separate account and shown in the Balance Sheet
C) Should be shown on the assets side of the Balance Sheet
D) Should not be recorded at all
Correct Answer:
Verified
Q34: Net Profit under single entry system is
Q35: Receipts and Payments Account generally shows:
A)A Debit
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'
Q40: The amount of Entrance Fees received regularly
Q41: Out of the following items, which one
Q42: Receipts and Payments Account is a:
A)Personal Account
B)Real
Q43: Donations received for a special purpose will
Q44: Non-trading concern prepare
A)Receipts and Payments A/c
B)Balance Sheet
C)Income
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