Not - for - profit organisations institutions prepare
A) Profit and loss account
B) Manufacturing account
C) Income and expenditure account
D) All of the above
Correct Answer:
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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
Q54: Income and expenditure account reveals
A)Cash in hand
B)Surplus
Q56: Non-trading organization prepares
A)Income and Expenditure A/c
B)Trading and
Q57: Receipts and Payment A/c is a summary
Q58: Subscription received in advance by a club
Q59: Donations received for a special purpose are
A)Asset
B)Revenue
Q60: Receipts and Payment A/c is a
A)Nominal A/c
B)Real
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