Receipts and payments account is the summary of:
Cash book
Petty cash book
Ledger
Journal
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
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
The main source of income of a society is:
Rent
Service
Subscriptions
Trading
Clubs and societies are:
Non-trading organisation
Trading organisation
Company
Partnership
If there is a deficit, accumulated fund will:
Increase
Decrease
Remain same
Not affected
Receipts and payments account is a:
Real account
Personal account
Nominal account
Bank account
Excess of income over expenditure is known as:
Surplus
Deficit
Excess
Loss
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