Receipts and Payments Account

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.

Receipts & payments account is a summary of ___

1. Cash book

2. Profit & loss account

3. Balance sheet

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.

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.

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.

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.

All ________ are shown on the right hand side i.e. credit side of receipts & payments account.

1. Receipts

2. Payments

3. Either A or B

4. None of these

Q.

Which account resembles the cash book?

1. Nominal account

2. Real account

3. Income statement account
   

4. Financial statement

Q.

Income and expenditure account is prepared based on

1. True

2. False

3. Partially true

4. None of these

Q.

Receipts and Payments Account generally shows:

1. A debit balance

2. A credit balance

3. Surplus or Deficit

4. Capital Fund