Which one of the following statements is True:
A. Excess expenditure over income is shown on the debit side of Income and Expenditure Account
B. Subscription received in advance is not shown in receipt and payment account
C. Special subscription received by a club for Governor's Party will be shown in the Balance Sheet
D. Subscription received in 1996 for the year 1997 will be shown on the liability side of the Balance Sheet
Answer: Option D
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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