Which one of the following statement is correct?
A. Subscription received in advance is not shown in Receipts and Payments account
B. Expenses and incomes on accrual basis are not shown in Receipts and Payments account
C. Capital receipts and capital expenditures are recorded in Income and Expenditure account
D. It is essential that balance sheet should accompany receipts and payments account
Answer: Option B
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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