REFER TO QUESTIONS

True

False

1.0

Receipts and payments account starts with the balance in the beginning and ends with the balance at the end

X

2.0

Income and expenditure account is a real account

X

3.0

General donations of small amount appearing in Receipts and Payments account are treated as income and carried to the credit side of Income and Expenditure Account

x

4.0

Entrance fees, if treated non-recurring in nature, should be taken to the Income and Expenditure Account

X

5.0

Proceeds from the sale of old newspapers by a club appearing as a receipt in the Receipts and Payments Account is not treated as income

X

6.0

Subscription received in advance at the end of an accounting period are shown on the assets side of the closing balance sheet

X

7.0

A club has match fund of $2,000. During a particular accounting period, the match expense amounted to $1,000. These expenses should be deducted from the match fund and the balance of $1,000 should be shown on the liabilities side of the balance sheet

X