Receipts and Payments Account

Q.

What are the features of Receipt and Payment Account?

Q.

Receipts and Payments Account generally shows:

1. A debit balance

2. A credit balance

3. Surplus or Deficit

4. Capital Fund

Q.

What is the purpose of an online transaction?

Q.

State the meaning of Receipt and Payment Account.

Q.

On what basis the receipts and payments account is prepared?

1. Cash basis

2. Accrual basis

3. Both Cash and Accrual basis

4. None of these

Q.

If the debit side of receipt and payment account exceeds credit, it represents:

1. Cash at bank

2. Bank overdraft

3. Deficit balance

4. Surplus balance

Q.

Receipts & payments account is a summary of ___

1. Cash book

2. Profit & loss account

3. Balance sheet

4. None of these

Q.

The main source of income of NPO is from _____

1. All of these

2. Profit earned from purchase and sale of services

3. Profit earned from purchase and sale of goods

4. Admissions fees, subscriptions, donations, grant-in-aid, etc

Q.

What do we do with prepaid expenses while preparing Receipts and Payments Account?

1. None of these

2. Prepaid Expenses are debited

3. Prepaid Expenses are credited

4. Prepaid Expenses are added

Q. Which of the following items are deducted while calculating Cash Flows from Operating Activities?

1. Goodwill written off
2. Underwriting Expenses
3. Discount on issue of Debentures
4. None of the above.

Q.

Premium Received On The Issue Of Shares Is Shown On________

Q.

Explain the statement, "Receipt and Payment Account is a summarised version of Cash Book".

Q.

Which account resembles the cash book?

1. Nominal account

2. Real account

3. Income statement account
   

4. Financial statement

Q.

Which of the following statement is false regarding receipts & payments account?

1. Summary of all cash transactions

2. Prepared based on accrual basis

3. Prepared for not for profit organisation

4. Shows closing cash and bank balance

Q. Petty cash book is considered as memorandum book.

1. True
2. False

Q.

The ___ is the summary of cash and bank transactions.

1. Receipts & Payments Account

2. Income & Expenditure Account

3. Balance sheet

4. None of these

Q.

What are the four criteria for revenue recognition?

Q.

Which of the following is not a part of financial statements of NPO?

1. None of these

2. Receipts & Payments Account

3. Income & Expenditure Account

4. Balance sheet

Q. What are limitations of financial statement analysis?

Q. Cash book shows transactions in a manner.

1. chronological
2. consolidated
3. random
4. uneven

Q.

Receipts and Payments A/c is a summary of ___

1. All Capital Receipts and Payments

2. All Revenue Receipts and Payments

3. All Revenue and Capital Receipts and Payments

4. None of these

Q.

The balancing figure at the end of receipts & payments account is ___

1. Opening bank & cash balance

2. Closing cash & bank balance

3. Either A or B

4. None of these

Q.

Reciepts and payments account includes:

1. Capital items

2. Revenue items

3. Both capital and revenue items

4. None of these

Q.

The receipts and payments account is the summary of cash and bank transactions which helps in the preparation of ___

1. None of these

2. Balance Sheet and Receipts & Payments Account

3. Income & Expenditure Account and Balance Sheet

4. Receipts & Payments Account and Income & Expenditure Account

Q.

How do you balance a balance sheet?

Q. What is meant by renewal of a bill exchange?

Q.

Income and expenditure account is prepared based on

1. True

2. False

3. Partially true

4. None of these

Q. Person who maintains petty cash book __________.

1. Cashier
2. Petty maintainer
3. Petty cashier
4. None of the above

Q. A subsidiary book which is used to record all those business transactions which do not find any place in the purchase book, sales book, return books, cash book, bills receivable and payable book, etc. is called journal proper..

1. True
2. False

Q. Petty cash book is a book having record of big payments.

1. True
2. False