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Accounts - Principles of Accounts Past Questions

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2826

Donations to a club are 

  • A. credited to the Income and Expenditure Account
  • B. credit to the Receipts and Payments Account
  • C. debited to the Income and Expenditure Account
  • D. debited to Donation Accounts
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2827

A statement of affairs shows 

  • A. receipt and payments
  • B. revenue and expenditure
  • C. financial position
  • D. profit or loss
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2828

In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of 

  • A. Profit and Loss Accounts
  • B. Income and expenditure Accounts
  • C. Cash Book
  • D. Balance Sheet
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2829

Where there is no agreement between the partners, the Partnership Act states that 

  • A. 5% interest is to be paid on capital
  • B. profit and losses are to be shared in proportion to their capital
  • C. 50% interest is to be charged on drawings
  • D. no salary is to be paid to partners
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2830

Interest on partners drawings are debited in the
 

  • A. partners current accounts and credited to the appropriation account
  • B. drawings account and credited to the profit and loss account
  • C. profit and loss account and credited to the partners current account
  • D. profit and loss account and credited to the partners' drawings account 
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