Income and Expenditure A/c reveals
A) Cash in hand
B) Surplus or deficiency
C) Capital A/c
D) Profit or Loss
Correct Answer:
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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
Q61: Income and Expenditure A/c is a
A)Nominal A/c
B)Real
Q63: Small amount of entrance fee is considered
Q64: Sale of old newspapers is-
A)Capital Receipt
B)Revenue Receipt
C)Asset
D)Profit
Q65: Income and Expenditure Account records-
A)Capital items
B)Revenue items
C)A
Q66: Entrance fee, unless otherwise stated, is treated
Q67: Receipts and Payments Account usually indicates-
A)Surplus
B)Capital Fund
C)Debit
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