Accounting Exam Paper 2009 100%work

OBJECTIVE QUESTIONS
true / False.
Non profit making organizations provide services.
Sugar industry is an example of non profit making organizations.
Non profit making organizations are established to earn profit.
Non profit making organizations are also known as non profit seeking organizations.
Treasurer is a person who is elected to run the club.
There is no difference between receipts and payments account and income and expenditure account.
Income and expenditure account is a nominal account.
Receipts and payments account consists of both capital and revenue nature items.
Income and expenditure account contains only capital nature items.
The difference of debit and credit side of income and expenditure account may be surplus or deficit.
Subscription is treated as capital receipt.
Legacy is usually capitalized.
Excess of incomes over expenditures indicates deficit.
Receipts and payments account contain both cash and credit transactions.
Receipts and payments account is a nominal account.
Fill in the blanks.
----------------------- do not buy/manufacture and sell goods.
In non-profit making organizations----------------------- object in not to earn profit.
Non-profit seeking concerns are established for------------------------ of the people.
disclose the true result of a concern.
Receipts and payments account---------------------
Receipts and payments account is a summarized-
receipts and
payments are
In receipts and payments account-------------------
recorded.
Receipts and payments account is an--------------
edition of cash book.
side, whereas
In receipts and payments account receipts are recorded onpayments are recorded on----------------------- side.
and
nature are
Cash receipts and cash payments of both---
transactions are recorded.------------- balance.
recorded in receipts and payments account.
In receipts and payments account only----------------
system.
Receipts and payments account generally shows — Receipts and payments account is not an account within the