The surplus/deficit will be transferred to:
Capital fund
Revenue fund
Reserve
Trading
Which account is prepared by each club and society at the end of the financial year for their trading activities?
Receipts & payments
Income & expenditure
Profit & loss
Which of these item is NOT included in the receipt and payments account?
Capital item
Revenue
Subscription
Non-monetary
The final balance of the receipts and payments account represents the balance of:
Debit
Liability
Credit
Cash in hand
Subscription by members will appear as a debit balance. They are:
Current asset
Fixed asset
Current liability
Income and expenditure account is a:
Personal account
Nominal account
Real account
Bank account
A person usually responsible for collecting and paying money on the behalf of society is known as:
President
Secretary
Treasurer
Vice President
Receipts and payments account is prepared at the:
End of the accounting period
Starting of the accounting period
Mid of the accounting period
Any time
If gains are less than the expenses, then it is known as:
Surplus
Deficit
Excess
Loss
The surplus will get accumulated within the organisation to form a capital fund. It is known as:
Accumulated fund
Reserve fund
Drawings
Expenses
