481. Funds invested in fixed assets are known as…
A. Restricted funds
B. Annuity funds
C. Property Funds
D. a & b
482. Deficit is transfered into…
A. Accumulated profit
B. Capital fund
C. Balance sheet
D. Trading account
483. Expenditure and income account is always records in?
A. Balance sheet
B. Petty cash book
C. Trial balance
D. All of the above
484. If income is calculated more than expenditure then?
A. Deficit and surplus
B. Deficit
C. surplus
D. All of the above
485. Which thing is not prepare in single entry system?
A. Trial balance
B. Trading account
C. Profit and loss account
D. Balance sheet
486. On which fund the third party restriction exist?
A. Property fund
B. Unrestricted fund
C. Endowment fund
D. Restricted fund
487. Single entry system is usually used by?
A. Government
B. Shareholders
C. Partners
D. None of the above
488. In Payment and Receipt account which items are not usually adopted?
A. Expenses paid for previous year
B. Donation received during the year
C. Loss on sale of old furniture
D. Entrance fees paid by new members
489. The single entry system is defined as?
A. Unscientific and incomplete
B. incomplete but scientific
C. complete but unscientific
D. a & b
490. The subscription which is received in advance is called?
A. Income
B. Expense
C. Asset
D. Liability