Ss2FA

The single entry system is also known as,...,,.........

• Double entry system

• Statement of affairs system

• Cash based accounting

• Accrual accounting

Accumulated fund in a non-profit is similar to?

• Profit

• Capital in business

• Revenue Income

• Liabilities

Subscription due but not received is shown as ?

• Asset

• Liability

• Expenses

• Income

An Income and expenditure account excluded?

• Capital receipt

• Revenue Income

• Accrual adjustment

• Revenue expenses

The closing balance of receipt and payment account represents?

• Net profit

• Closing cash and bank balance

• Accrued Income

• Outstanding expenses

Sales of old furniture in a non-profit organisation is treated as ?

• Revenue Income

• Capital receipt

• Donations

• Asset

A receipt and payment account records transactions on ?

• Accrual basis

• On cash basis

• On both cash and accrual basis

• On credit basis

Which entry is recorded in the bank column of a cash book?

• Cash payment

• Cash receipt

• Cheques deposit

• Cash withdrawal

The relationship among partners is governed by

• Partnership deed

• Memorandum of association

• Articles of association

• Income tax act

Which statement is prepared to ascertain profit under single entry system?

• Trial balance

• Profit and loss account

• Statement of affairs

• Balance sheet