HSC Commerce (English Medium) 12th Standard Board Exam - Maharashtra State Board Question Bank Solutions for Book Keeping and Accountancy

State whether the following statement is True or False.
There is no difference between Receipts and Payment Account and Income and Expenditure Account.

Donation for Scholarship Fund is ______.

Donation for Scholarship Fund is ______.

The closing balance of Receipts and Payments account usually represent _______.

The closing balance of Receipts and Payments account usually represent _______.

Write the word/phrase/term, which can substitute the following sentence.

The receipts which are not recurring in nature.

Write the word/phrase/term, which can substitute the following sentence.

The receipts which are not recurring in nature.

Write the word/phrase/term, which can substitute the following sentence.

Accounts which records only cash transactions in case of Not for Profit Concern.

Write the word/phrase/term, which can substitute the following sentence.

Accounts which records only cash transactions in case of Not for Profit Concern.

Write the word/phrase/term, which can substitute the following sentence.

All such receipts which are non-recurring in nature and not forming a part a regular flow of income.

Write the word/phrase/term, which can substitute the following sentence.

All such receipts which are non-recurring in nature and not forming a part a regular flow of income.

State whether the following statement is True or False with reasons.

There is no difference between Receipts and Payments Account and Income and Expenditure Account.

State whether the following statement is True or False with reasons.

There is no difference between Receipts and Payments Account and Income and Expenditure Account.

State whether the following statement is True or False with reasons.

Receipts and Payments Accounts do not have any opening balance.

State whether the following statement is True or False with reasons.

Receipts and Payments Accounts do not have any opening balance.

State whether the following statement is True or False with reasons.

Purchases of Sports Equipments is a Capital Expenditure.

State whether the following statement is True or False with reasons.

Purchases of Sports Equipments is a Capital Expenditure.

State whether the following statement is True or False with reasons.

Receipts and Payments Account contains only the transactions relating to the current year.

State whether the following statement is True or False with reasons.

Receipts and Payments Account contains only the transactions relating to the current year.

Receipts and Payments Account falls under the category of _____ Account.