Which of the following is to be recorded in an income and expenditure account?

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Question:
Which of the following is to be recorded in an income and expenditure account?

1.Purchase of a fixed asset

2.Capital expenditure incurred on a fixed asset

3. Profit on the sale of a fixed asset

4.Sale of a fixed asset

Posted Date:-2022-01-04 11:33:49

More MCQS Questions and answers

  1. In statement of affairs assets are shown on the __________.
  2. In statement of affairs liabilities are shown on the __________.
  3. Under single entry system in net worth method opening capital is subtracted from _________.
  4. A branch set up merely for booking orders which are executed by head office is ____.
  5. A statement of affairs is just like a _________.
  6. All branch expenses such as rent salary are paid by the head office in case of _____.
  7. All personal real and nominal accounts are opened in ________.
  8. Balance sheet cannot be prepared ________.
  9. Branch which does not maintain its own set of books is ______________.
  10. Branches not keeping full system of accounting are ________.
  11. Dependent branch make _______.
  12. Difference between net worth at the beginning of the year and at the end of the year represents _________.
  13. Expenses which cannot be apportioned to department must be shown in the _____.
  14. Honorarium is a kind of remuneration paid to a person who is not the employee of a non-profit organization. Which of the following statements is true about the honorarium payment?
  15. In departmental accounts expenses like director fees interest is transferred to ______.
  16. In pure single entry which account is recorded?
  17. In single entry system net worth method is also called ________.
  18. Indirect expenses is also called____________.
  19. Only personal account and cash account are opened in ________.
  20. Opening capital can be found by preparing ________.
  21. Subscription received but not yet earned is considered as an ____________.
  22. The business policies and the administration of a branch are wholly controlled by the head office the type of branch is __________.
  23. The departmental accounting enables a business firm to maximize _________.
  24. The difference between goods sent by head office and received by the branch is known as ___________.
  25. Total creditors account is prepared to find out ___________.
  26. Trial balance can be prepared in _________.
  27. under branch account debtors system cash sales is shown in the _____________.
  28. Under branch accounts debtors system bad debts discount allowed to debtors is ________.
  29. Under branch accounts debtors system closing balance of assets are recorded in ________.
  30. Under branch accounts debtors system closing balance of liabilities are recorded in _________.
  31. Under branch accounts debtors system credit sales is _______.
  32. Under branch accounts debtors system goods sent to branch account is recorded in _________.
  33. Under branch accounts debtors system goods sent to branch account is recorded in _________.
  34. Under branch accounts debtors system loading on goods sent to branch adjusted in ________.
  35. Under branch accounts debtors system opening balance of assets are recorded in ____.
  36. Under branch accounts debtors system opening balance of liabilities are recorded in ___________.
  37. Under branch accounts debtors system the depreciation of an asset is _______.
  38. Under single entry system closing capital can be found by preparing a statement of affairs ____________.
  39. Under single entry system opening capital can be found by preparing a statement of affairs ____________.
  40. Under single entry system in conversion method a total debtors account is prepared to find out __________.
  41. Under single entry system in conversion method a total debtors account is prepared to find out ___________.
  42. Under single entry system in net worth method additional capital is deducted with __________.
  43. Under single entry system in net worth method drawings is added with _______.
  44. Under stock and debtors system of branch account branch adjustment account is opened when goods sent to branch is at ________.
  45. Under stock and debtors system of branch account the account prepared to record all the transactions relating to branch debtors is recorded in ________.
  46. Under stock and debtors system the head office opens _________.
  47. When goods are transferred from one department to other the department transferring the goods should be credited and department receiving the goods should be _________.
  48. When goods are transferred from one department to other the department transferring the goods should be ___________.
  49. When goods are transferred from one department to other department they are called __________.
  50. Which of the following is the accounting equation for a non-profit organization?
  51. Which of the following is to be recorded in an income and expenditure account?
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