Receipts and Payment A/c is a summary of
A) Debit and credit balances of ledger A/c
B) Cash receipts and payments
C) Income and Expenses
D) All of the above
Correct Answer:
Verified
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
Q55: Not - for - profit organisations institutions
Q56: Non-trading organization prepares
A)Income and Expenditure A/c
B)Trading and
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
Q61: Income and Expenditure A/c is a
A)Nominal A/c
B)Real
Q62: Income and Expenditure A/c reveals
A)Cash in hand
B)Surplus
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