Legacy for specific purpose is :
A) Added to the specific fund
B) Shown in Income and expenditure account
C) Shown as separate liability
D) None of the above
Correct Answer:
Verified
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
Q53: Subscription received in advance is
A)An income
B)An asset
C)Liability
D)None
Q54: Income and expenditure account reveals
A)Cash in hand
B)Surplus
Q55: Not - for - profit organisations institutions
Q56: Non-trading organization prepares
A)Income and Expenditure A/c
B)Trading and
Q57: Receipts and Payment A/c is a summary
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