Accounting SOLVED

day of the accounting year.
Receipts and payments account is prepared on the
cash in hand
Receipts and payments account opening balance indicates last year and cash at bank.
year closing cash in hand
Receipts and payments account closing balance means
and cash at bank. '
system.
Cash book is a book of account within the
Income and expenditure account is an account within the
Non-profit seeking concerns final accounts consist of
In income and expenditure account
system.
and
are recorded on debit side, whereas
• are recorded on credit side.
Excess of incomes over expenditures indicates .
Excess of expenditures over incomes indicates .
Surplus or deficit of non-profit seeking concern is ascertained by — Income and expenditure-account if shows debit balance it indicates
Income and expenditure account if shows credit balance it indicates
In income and expenditure account only transactions are recorded.
and
both transactions are
In income and expenditure account recorded.
account.
The balance of income and expenditure account is transferred to
Income and expenditure account start with any opening balance.
Income and expenditure account is a — account.
means loss on account of use of an asset.
If the date of purchase of asset is not mentioned, depreciation should be charged formonths.
Sale proceeds of assets
be included in income and expenditure account.
Sale proceeds of assets are
receipts.
Sale proceeds of assets will be credited to - account, in non-profit making
organisation.
expenditure and sale of newspaper is a
Purchases of newspaper is a
receipt.
to income and expenditure account and sale of
to income and expenditure account
Purchase of sports material issports material is
income.
The monthly or annual subscription paid by members is a Institutions with activities other than trade are known as —
system.
Non-trading concerns usually maintain their accounts byNon-profit seeking organizations are established for
purposes.
The method of preparing final accounts by non-profit making organizations and profit makingorganizations are