Non profit account
Profit and loss account
Income and expenditure account
Receipts and payment account
Correct answer is C
The income and expenditure account shows the summary of revenue and running costs of a non-profit making organization. It follows the same principles as the profit and loss account of a trading concern.
Capital for a profit making organization is generated through
Gift
Donation
Shares
Subscription
Correct answer is C
Shares can be issued to the public for subscription. A lot of money can be raised to finance the operation of the business through the issue of new shares to members of the public.
Matching
Business entity
Going concern
Historical cost
Correct answer is C
The going concern concept states that a business will continue to operate for an indefinte period of time or perpectual existence.
Shares are said to be authorized when they are
Paid-up
Called up
Offered for sale
Subscribed
Correct answer is C
Authorized shares are defined as the maximum number of shares that a company is legally allowed to issue to investors as per its own determinations
Salaries in arrears is treated in the balance sheet as a
Current asset
Current liability
Long term liability
Fixed asset
Correct answer is B
Salaries in arreas is an unpaid salary with amount due from the past. It is treated as current liabilities in the balance sheet.