Goyal Brothers Prakashan solutions for Commercial Applications [English] Class 10 ICSE chapter 6 - Financial Accounting and Reporting [Latest edition]

Non-trading organisations prepare ______.

It is a summary of cash transactions. It is prepared to ascertain the cash balance at the end of the accounting year.

It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.

It is a statement of assets and liabilities. It is prepared to judge the financial position on a particular date.

In receipt and payment account opening balance of cash in hand, cash at bank and all cash receipts are shown on the ______ side.

All cash payments are recorded on the ______ side of the receipt and payment accounts.

The primary objective of preparing this Account is to find out the cash position, opening and closing balances of cash in hand and at bank.

The closing balance of this Account shows surplus or deficit for the year.

It alerts the management of a non-trading organisation about decline in cash receipts and increase in cash payments.

Receipt and payment account has the following limitation(s). 

This account is equivalent to the Profit and Loss Account of a business concern.

It serves as the basis for preparing the Balance Sheet of a non-trading organisation.

The main use(s) of a Balance Sheet for a non-trading organisation is/are ______.

It is always prepared on a particular date.

It is not an account but a statement.

Its balance at the end shows the cash in hand and at bank (or overdraft) at the end of the year.

It contains both capital and revenue items.

It contains only revenue items.

If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'. 

On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.

______ shows the financial position of the organization.

Receipt and Payment account is a _____ account.

Which of the following is not a feature of Balance Sheet?

What are fictitious assets?

Give one example of fictitious assets.

Distinguish between a Profit and Loss Account and a Balance Sheet. 

All membership fees collected by a non-trading concern must be entered in the assets side of the balance sheet. Justify for or against.

What are contingent liabilities?

Give one difference between fixed assets and current assets.

Explain the term surplus in Income and Expenditure Account. 

Explain the term deficit in Income and Expenditure Account.

Why and by whom is an Income and Expenditure Account prepared?

Give any two uses of Income and Expenditure Account.

What are the features of a Balance Sheet?

"A trading account reveals the financial position of an organisation." Comment. 

Distinguish between Receipt and Income.

Give two/three uses of Receipts and Payments Account.

Give one difference between Receipts and Payments Account and Cash Book.

All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against. 

Explain current assets with an example.

A receipts and payments account is a nominal account. Justify a reason either for or against.

State any two uses of Balance Sheet. 

Mention any two features of Receipts and Payments Account.

State any one point of difference between Receipt and Payment account and Income and Expenditure Account. 

Balance sheet is an Account. Justify.

Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.

What is Income and Expenditure Account? 

Give five differences between Profit and Loss Account and Income and Expenditure Account. 

State any one point of difference between Receipt and Payment account and Income and Expenditure Account. 

Mention any two features of the Income and Expenditure Account.

Give two/three uses of Receipts and Payments Account.

Explain the purpose of preparing Final Accounts.

Explain Asset. 

Explain Liability.

Name the different types of liabilities.

Write a short note on Role of Balance Sheet in decision making. 

Give five differences between Profit and Loss Account and Income and Expenditure Account. 

What is a Balance Sheet?

What are the features of a Balance Sheet?

Give a classification of assets.

Mention any two features of the Income and Expenditure Account.

State any two uses of Balance Sheet. 

What is Receipts and Payments Account?

Give two/three uses of Receipts and Payments Account.

What is Income and Expenditure Account? 

Give any two uses of Income and Expenditure Account.

What is a Balance Sheet?

State any two uses of Balance Sheet. 

What are the features of a Balance Sheet?

Mention any two features of the Income and Expenditure Account.

Mention any two features of Receipts and Payments Account.

Explain the purpose of preparing Final Accounts.

State any one point of difference between Receipt and Payment account and Income and Expenditure Account. 

Distinguish between Receipt and Income.

Distinguish between a Profit and Loss Account and a Balance Sheet. 

Explain the term surplus in Income and Expenditure Account. 

Explain the term deficit in Income and Expenditure Account.

All membership fees collected by a non-trading concern must be entered in the assets side of the balance sheet. Justify for or against.

"A trading account reveals the financial position of an organisation." Comment. 

All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.