Essential Book Keeping - Qp17

6 Questions | Total Attempts: 30

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Essential Book Keeping - Qp17

Questions and Answers
  • 1. 
    Clubs and societies aim to break even whilst providing a service to their members.
    • A. 

      True

    • B. 

      False

  • 2. 
    Even though they aim to break even, a profit and loss statement is still required.
    • A. 

      True

    • B. 

      False

  • 3. 
    The receipts and payments account will only detail the cash position.
    • A. 

      True

    • B. 

      False

  • 4. 
    An income and expenditure account will form part of a single entry accounting system.
    • A. 

      True

    • B. 

      False

  • 5. 
    Trading accounts for activities such events may be drawn up in the same way as it would for a business.
    • A. 

      True

    • B. 

      False

  • 6. 
    In the trial balance, the accumulated fund replaces capital.
    • A. 

      True

    • B. 

      False

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