CUET (UG) entrance exam Question Bank Solutions

Consider the following statements,

Statement 1: "Receipt and Payment Account is a summary of all capital receipts and payments".

Statement 2: The Receipt and Payment Account is the summary of cash and bank transactions.

Consider the following statements

Statement 1 - "Receipt and Payment Account records the receipts and payments of revenue nature only".

Statement 2 - "Receipt and Payment Account records the receipts and payments of revenue nature and capital nature".

Complete the following sentence.

"______ donations are to be utilized to promote the general purpose of the organization".

Assertion (A): The Subscription received during the year is recorded in the Receipts and Payments Account.

Reason (R): Receipts and Payments Account records all the cash transactions whether pertaining to the current year or the previous year.

Amount received from 'Special Contribution for Silver Jubilee' by a club should be treated as:

Pick the odd one out:

Fund Based Accounting is classified under:

(i) Unrestricted funds

(ii) Fixed assets funds

(iii) Restricted funds

(iv) Annuity funds

Which of the following is not a capital receipt?

Sports Star Charitable Club has income of ₹ 16,000 and 'deficit' debited to capital fund of ₹ 4,300 for the year 2019-20, then expenditure for 2019-20 is ______.

Receipts and Payments Account is a summary of ______.

The nature of Receipts and Payments Account is ______.

Identity the type of fund stated below:

'Himanshu Club has a fund which can only be used for the distribution of prizes.'

Sports expenses ₹ 27,000 (excluding ₹ 7,000 unpaid expenses). The amount to be credited to Receipts and Payments Account will be:

A donation received for a special purpose is a ______

Donations received for a special purpose ______

Subscription received by a school for organising annual function is treated as ______.

Which of the following represents capital receipt?

The amount received from the sale of grass by a club should be treated as ______

Out of the following items, which one is shown in the Receipts and Payments Account?

Receipts and Payments Account features include: