Outcomes of accounting practices or principles, guiding the preparation of accounts are termed as accounting___.

Convention

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Report

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Concepts

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None of the above

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PRACTICAL PROBLEMS

Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.

Balance Sheet as on 01.04.2009
Liabilities	Amount Rs	Assets		Amount Rs
Capital Fund	67,100	Land		1,20,000
Building Fund	54,000	Sports Material		32,000
Bank Overdraft	37,400	Cash in Hand		2,200
		Outstanding Subscriptions
		2007-2008	Rs 1,800
		2008-2009	Rs 2,500	4,300
	1,58,500			1,58,500

Receipts and Payments Account for year ending on 31-03-2010
Dr.	Cr.
Receipts		Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To Balance b/d			2,200	Bank Overdraft (repaid)		37,400
(cash in Hand)				By Salaries		25,600
To subscription				By Electricity Charges		2,250
2007-2008		1,800		By Rent and Taxes		1,750
2008-2009		2,500		By Printing and Stationery		5,100
2009-2010		65,500	69,800	By Entertainment Expenses		8,700
To Donations			11,000	31/03/2010
To Entertainment Receipts			8,800	By Balance c/d
To Entrance Fees			2,000	Cash in Hand		3,000
				Cash at Bank		10,000
			93,800			93,800

Adjustments:

1) Donation are received for Building Fund.

2) Entrance Fees are to be Capitalized.

3) Outstanding Subscription Rs 1,500.

4) Depreciate sport Material @ 12 1/2% p.a.

Q. Give the word / term or phrase which can substitute each of the following statement.

The accounts which are prepared at the end of each financial year.

Q. Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:

Q. Customs and traditions which guide the accounts to prepare accounting statements are called ______________.

Q. Although income and expenditure account prepared by a not for profit organisation and profit and loss account prepared by an enterprise on the same principles of accounting why is it that in the case of non for profit organisation it is termed as income and expenditure account?

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