Q7. The proper steps in the preparation of Income and Expenditure accounts are:
A. Exclude Capital r

Q: What is the correct answer for CUET UG Accountancy Q7?

The correct answer is D. The proper steps in the preparation of Income and Expenditure accounts for non-profit organizations are:(D) Pursue the receipts and payment account: This involves analysing the Receipts and Payments account, which is a summary of cash transactions during the period.(A) Exclude capital receipt and capital payment: Capital receipts and payments, which are not part of the regular operations, are excl

Q: Q7. The proper steps in the preparation of Income and Expenditure accounts are: A. Exclude Capital receipt and Capital payment B. Close the account to find out surplus or deficit for current year. C.…

The correct answer is D. The proper steps in the preparation of Income and Expenditure accounts for non-profit organizations are:(D) Pursue the receipts and payment account: This involves analysing the Receipts and Payments account, which is a summary of cash transactions during the period.(A) Exclude capital receipt and capital payment: Capital receipts and payments, which are not part of the regular operations, are excl

Q: What are the options for this CUET UG Accountancy question?

A. A, B, C, D, E · B. B, C, D, E, A · C. C, D, E, A, B · D. D, A, C, E, B

Question

Q7. The proper steps in the preparation of Income and Expenditure accounts are:
A. Exclude Capital receipt and Capital payment
B. Close the account to find out surplus or deficit for current year.
C. Consider only revenue receipts and revenue payment
D. Pursue the receipts and payment account
E. Make adjustment for outstanding and prepaid expenses and income.
Choose the correct answer from the options given below:
(a) A, B, C, D, E
(b) B, C, D, E, A
(c) C, D, E, A, B
(d) D, A, C, E, B

FirstInTest · Accepted Answer

The proper steps in the preparation of Income and Expenditure accounts for non-profit organizations are:(D) Pursue the receipts and payment account: This involves analysing the Receipts and Payments account, which is a summary of cash transactions during the period.(A) Exclude capital receipt and capital payment: Capital receipts and payments, which are not part of the regular operations, are excluded from the Income and Expenditure account.(C) Consider only revenue receipts and revenue payments: This step involves focusing only on the transactions that relate to the regular operational activities of the organization.(E) Make adjustment for outstanding and prepaid expenses and income: Adjustments are made for items like outstanding expenses, prepaid expenses, accrued income, and income received in advance to ensure that the income and expenditure reflect the correct period.(B) Close the account to find out surplus or deficit for current year: Finally, the account is closed to determine the surplus (excess of income over expenditure) or deficit (excess of expenditure over income) for the current period.

Answer

A, B, C, D, E

Answer

B, C, D, E, A

Answer

C, D, E, A, B

Answer

D, A, C, E, B

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