Income and expenditure account is a:
Personal account
Nominal account
Real account
Bank account
Which of the following is NOT the main objective of non profit organisation?
Making profit
Not making profit
Service to society
Rendering services
The main source of income of a society is:
Rent
Service
Subscriptions
Trading
Out of these, which one is prepared by a trader at the end of the financial year?
Depreciation account
Profit & loss account
Receipts & payments account
Cash book
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
The surplus/deficit will be transferred to:
Capital fund
Revenue fund
Reserve
Trading account
If there is a deficit, accumulated fund will:
Increase
Decrease
Remain same
Not affected
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
The members pay an amount for the facilities provided by the society. This is known as:
Entrance fees
Donations
Legacy
A club runs a coffee shop. The depreciation of shop items will included in the:
Income and expenditure account
