Question

Select the most appropriate alternatives from the following and rewrite the sentences:

i. Excess of Income over Expenditure is termed as ___________

(a) Deficit  (b) Profit  (c) Surplus  (d) Loss

ii. Not for Profit concern prepares ___________ Account instead of Profit and Loss Account to know the result.  (a) Trading  (b) Income and Expenditure  (c) Cash  (d) Receipt and Payments

iii. The closing balance of Receipts and Payments Account usually represent _________

(a) Closing stock  (b) Cash and Bank Balance  (c) Surplus  (d) Deficit

 

iv. Not for Profit organization is also called ___________ organization

. (a) service  (b) trading  (c) profit-making  (d) commercial

v. Expenditure on Purchase of Building is a ___________ Expenditure.

(a) Capital  (b) Revenue  (c) General  (d) Recurringrplus-loss

Answer 1

i. (c) Surplus

ii. (b) Income and Expenditure

iii. (b) Cash and Bank Balance

iv. (a) service

v. (a) Capital

Answer 2

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Answer 3

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