The Income and expenditure account begins with
A) Debit balance
B) Credit balance
C) No balance
D) Balance from the previous year
Correct Answer:
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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
Q46: Income and Expenditure Account is prepared in
Q47: General donations of relatively large amount is
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
Q52: Legacy for specific purpose is :
A)Added to
Q53: Subscription received in advance is
A)An income
B)An asset
C)Liability
D)None
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