__________ is only a statement and not an account.
Balance sheet
Receipts and payments account
Income and expenditure account
Trading account
___________ records only actual receipts and payments.
___________ is usually prepared annually.
Profit and loss account
None of these
Receipts and payments account is a ___________ account.
Real
Personal
Nominal
Summary of cash book is termed as
Receipt and payment account
None of these.
______________ is to ascertain the excess of assets over external liabilities.
Difference between receipt and payment side is
Excess of income over expenditure
Capital
Liability
Cash or bank balance.
The surplus or deficit is transferred to __________.
Capital fund
Cash account
Ledger account
Income and expenditure account is __________ account.
Real account
Personal account
None of the above
Nominal account
Legacy is
Revenue income
General donation
Special donation