The Income and Expenditure Account begins with :
A debit balance
B credit balance
C no balance
The Receipts and Payments Account records receipts and payments of :
A. revenue nature only
B. capital nature only
C. revenue as well as capital nature
A profit on the sale of furniture of a club will be taken to :
A. cash account
B. receipts and payments account
C. income and expenditure account
Entrance fees are generally :
A. capitalised
B. taken as income
C. treated as a liability
Legacy for specific purpose is:
A. added to the specific fund
B. shown in the income and expenditure account
C. shown as a separate liability