Revision XII-A

Non profit-making organizations are established for

• Profit

• Charitable

• Manufacturing

• To help the rich people

A receipt and payment account is similar to

• An income & expenditure ac

• A statement of affairs

• A cash or a Bank account

• A profit or loss account

Amount received from any source by way of gift is described as

• Legacy

• Subscription

• Donation

• Life membership fee

Sales of sports material should be treated as

• Income

• Expense

• Asset

• Liability

A receipt and payment account is a

• Nominal account

• Personal account

• Real account

• Impersonal account

Donation Rs.9000, 4/5th capitalized, the amount should be credited to income and expenditure account is

• 1800

• 7200

• 9000

• 900

Income and expenditure account shows

• Cash in hand

• Surplus or deficit

• Cash at bank

• Capital account

Example of non-profit making organization

• Fan factory

• Sugar factory

• Hospitals

• Shoe factory

Admission fee income should be

• Capitalized

• Treated as revenue

• Treated as liability

• None of these

Receipts and payment account records transactions relating to

• Past year

• Future year

• Present year

• All of the above