Clubs and societies are:
Non-trading organisation
Trading organisation
Company
Partnership
A club runs a coffee shop. The depreciation of shop items will included in the:
Receipts & payments account
Income and expenditure account
Trading account
Cash book
The main source of income of a society is:
Rent
Service
Subscriptions
Trading
A person usually responsible for collecting and paying money on the behalf of society is known as:
President
Secretary
Treasurer
Vice President
Subscription by members will appear as a debit balance. They are:
Current asset
Fixed asset
Liability
Current liability
Out of these, which one is prepared by a trader at the end of the financial year?
Depreciation account
Profit & loss account
The final balance of the receipts and payments account represents the balance of:
Debit
Credit
Cash in hand
Which of these item is NOT included in the receipt and payments account?
Capital item
Revenue
Subscription
Non-monetary
Which of the following is NOT the main objective of non profit organisation?
Making profit
Not making profit
Service to society
Rendering services
Income and expenditure account is prepared instead of:
Balance sheet