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 calculted more then 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

NOTE
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