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QUESTIONS [ CLICK HERE FOR ANSWER] |
True |
False |
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1.0 |
Receipts and payments account starts with the balance in the beginning and ends with the balance at the end |
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2.0 |
Income and expenditure account is a real account |
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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 |
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4.0 |
Entrance fees, if treated non-recurring in nature, should be taken to the Income and Expenditure Account |
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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 |
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6.0 |
Subscription received in advance at the end of an accounting period are shown on the assets side of the closing balance sheet |
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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 |
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