QUIZ FOR ACCOUNTS CLASS 12By / ACCOUNTANCY QUIZ 1 / 41 1.Income and Expenditure A/C is prepared on: Case basis Actual basis Both A and B None of these 2 / 41 2, Income and Expenditure accounts generally Indicates: Net profit and loss Bank Balance Capital Fund None of these 3 / 41 2, Income and Expenditure accounts generally Indicates: Net profit and loss Bank Balance Capital Fund None of these 4 / 41 3. Receipt and Payments Account is a statement of__ Assets Liabilities Assets and Liabilities None of these 5 / 41 4. Life membership fee is__ Liability Income Expenses Earned balance 6 / 41 5. Sale of grass by sports club is__ Capital Receipt Revenue Receipt Asset None of these 7 / 41 6. Which of the following is regarded as to show purchases of fixed assets for organising a non-profits organisation ? Balance Sheet Profit & Lose A/c Income & Expenditure A/c 8 / 41 7. Subscription received by a school for organising annual function is a: Capital Receipt Revenue Receipt Asset Earned Income 9 / 41 8. Subscription received by a club for cricket match is treated as: Revenue Receipt Asset Earned Income Capital Receipt 10 / 41 9. Not-for-profit organisations prepare : Trading Account Trading & Profit & Loss A/c Income & Expenditure A/c Revenue A/c 11 / 41 10. In non-trading concerns, excess of income over expenditure is called_ Profit Surplus Both A & B Deficit 12 / 41 11. In not-for-profit organisations, excess of expenditure over income is called_ Loss Profit Deficit Surplus 13 / 41 12. Donation received for special purposes : Should be recorded Should be credited to seperate a/c Should be shown 14 / 41 13. Income and Expenditure Account is prepared by_ Partnership Firm Bank Club Company 15 / 41 14. Outstanding subscriptions are shown in__ Asset side Liabilities side Receipt side None of these 16 / 41 15. Receipts and Payments Account is__ Statement of Affairs Cash statement Profit & Loss statement None of these 17 / 41 16. Capital Funds = Income - Expenditure Assets - Liabilities Capital - Liabilities None of these 18 / 41 17. Subscription received in advance during the currency year is ___ Income Asset Liability None of these 19 / 41 18. Most transactions in non-trading concerns are : Cash Credit Cash and Credit None of these 20 / 41 19. Payment to honorarium to chairman is treated as : Capital Expenditure Revenue Expenditure An Income None of these 21 / 41 20. Subscriptions received in advanced by a Club are shown on which side of the Balance Sheet is_ Asset Side Liabilities Side Debt Side Credit Side 22 / 41 21. Which of the following is not an income ? Sbuscription Donation Sale of Ticket Endowment Fund 23 / 41 22. Income and Expenditure account includes : Revenue items Capital Items Both A & B None of these 24 / 41 23. Most transactions in non-trading concerns are: Cash Credit Cash & Credit None of these 25 / 41 24. All receipts of capital nature are shown in__ Income Account Balance Sheet Saving Account None of these 26 / 41 25. All items of revenue in nature are shown in__ Income & Expenditure Ac Balance Sheet Saving Accounts None of these 27 / 41 26. Which of the following is not a not-for-profit organisation : School College Club Partnership Firm 28 / 41 27. The main object of non-profit organisation is: To earn the profit To serve the society To prepare profit & loss All of these 29 / 41 28. Subscription received by an organisation is : Capital Receipt Revenue Receipt Both A & B None of these 30 / 41 29. Entrance fees, unless otherwise stated, is treated as : Revenue Receipt Capital Receipt Liability None of these 31 / 41 30. Sale of old newspaper is __ Capital Receipt Revenue Receipt Asset Profit 32 / 41 31. Subscription received in advance is : Asset Liability Income None of these 33 / 41 32. Life membership fees of non-trading concerns is : Capital Receipts Revenue Receipt Capital Letters None of these 34 / 41 33. Legacies should be treated as : Assets Revenue Receipt Capital Receipt None of these 35 / 41 34. Payment of Honorarium to secretary is treated as : Capital Expenditure Revenue Expenditure Both A & B None of these 36 / 41 35. Specific donation is : Capital Receipt Revenue Receipt Asset None of these 37 / 41 36. In receipts and Payments Account, items onforced are : Capital items Revenue items Both A & B None of these 38 / 41 37. Items record in income and expenditure accounts are__ Revenue items Capital items Both A & B None of these 39 / 41 38. The transactions shown in Income and Expenditure accounts are: Revenue in nature Capital in nature Both A & B Assets & Liabilities 40 / 41 39. Subscription received in advance during the current year is : An income An asset A libility An expense 41 / 41 40. Donation received for a specific purpose is accounted as : An Asset A Liability An Income None of these Your score is 0% Restart quiz . . .
