|
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 |
|