Clubs and societies are:
Non-trading organisation
Trading organisation
Company
Partnership
The final balance of the receipts and payments account represents the balance of:
Debit
Liability
Credit
Cash in hand
Receipts and payments account is the summary of:
Cash book
Petty cash book
Ledger
Journal
Receipts and payments account is a:
Real account
Personal account
Nominal 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
The difference between the balance sheet of a club and business concern.
No capital
No liability
No asset
No guarantee
Which of these item is NOT included in the receipt and payments account?
Capital item
Revenue
Subscription
Non-monetary
The surplus will get accumulated within the organisation to form a capital fund. It is known as:
Accumulated fund
Reserve fund
Drawings
Expenses
Which account is prepared by each club and society at the end of the financial year for their trading activities?
Receipts & payments
Income & expenditure
Trading
Profit & loss
A club runs a coffee shop. The depreciation of shop items will included in the:
Receipts & payments account
Income and expenditure account
Trading account
