Income and Expenditure Account is prepared in non-trading concerns in lieu of
A) Manufacturing Account
B) Profit and Loss Account
C) Trading Account
D) Cash Book
Correct Answer:
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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
Q45: Receipts and Payments Account of non-trading concerns
Q47: General donations of relatively large amount is
Q48: The Income and expenditure account begins with
A)Debit
Q49: The receipts and Payments account records receipts
Q50: A profit on the sale of furniture
Q51: Entrance fees are generally
A)Capitalised
B)Taken as income
C)Treated as
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