1. : Cash in hand statement is prepared in?
(A) Creditors account
(B) Debtors account
(C) Cash book
(D) A and B
2. : Who cannot maintain a single entry system?
(A) Partnership Account
(B) Joint stock company
(C) Sole-traders
(D) All of these
3. : How is profit calculated in single entry system?
(A) Capital at the end + Drawing – Fresh capital – Opening capital
(B) Drawing + Fresh capital – Opening capital – Capital at the end
(C) Fresh capital – Drawing – Closing capital – Opening capital
(D) None of the above
4. : In non-trading account, capital funds are equal to?
(A) Assets + Expenditures
(B) Asset + Liabilities
(C) Asset + Income
(D) Asset – Liabilities
5. : The income which is arising from special fund is credited to?
(A) Expenditure and Income account
(B) General Fund in balance sheet
(C) Special Fund in balance sheet
(D) A and B
6. : If assets are more than liabilities, then?
(A) Loss
(B) Solvency
(C) Profit
(D) Deficiency
7. : Payment and receipt account is for?
(A) Asset and liabilities
(B) Income and expenditure
(C) Opening and Closing cash balances
(D) A and B
8. : The income through admission fee is treated as:
(A) Revenue
(B) Capital
(C) Liability
(D) Profit
9. : The Expenditure and Income account is prepared in:
(A) Mid of the year
(B) Start of the year
(C) End of the year
(D) None of the above
10. : Legacy is normally treated as:
(A) Loss
(B) Revenue
(C) Income
(D) Surplus
11. : In the beginning, subscription outstanding is shown in which account?
(A) Balance sheet
(B) Profit and loss account
(C) Trading account
(D) Income and expenditure account
12. : Specific donations are always written in the?
(A) Profit and loss account
(B) Income and expenditure account
(C) Balance sheet
(D) Trading account
