The final balance in ____________ represents the balance of cash in hand or at the bank or overdraft.
Income and expenditure account
Trading account
Balance sheet
Receipts and payments account
A man profit organisation prepares __________ statements at the end of the accounting year, which form its final accounts.
Two
Three
Four
Five
Entrance fee is
Capital receipt
Revenue receipt
Part of capital fund
None of these
___________ is just like a profit and loss account prepared on accrual basis in case of the business organisations.
Profit and loss account
Suspense account
Receipt and payment account is _____________
Nominal account
Real account
Personal account
None of the above
___________ is a nominal account.
___________ is prepared with the balances of real and personal accounts only.
Receipts and payments account is a ___________ account.
Real
Personal
Nominal
___________ is a list of all account balances.
Trail balance
Financial statement
In preparing the __________, no distinction is made between capital and revenue items.