Any donation received for a specific purpose is a_________?

Related Mcqs:

1. Discount received is a/an:

   A. Asset
   B. Expense
   C. Liability
   D. Revenue

2. The concession received on the price of defective goods is called:

   A. Discount
   B. Cash discount
   C. Allowance
   D. Trading discount

3. Income earned but not received is called ____________?

   A. Fictitious assets
   B. Quick asset
   C. Real asset
   D. Outstanding asset

4. Cash received from debtor is recorded in which of the following SPECIALIZED journals?

   A. Purchase journal
   B. Sales journal
   C. Cash receipts
   D. Cash payments journal

5. Cash received for services rendered will______________?

   A. Increase cash and liability
   B. Increase equity and liability
   C. Increase fixed assets and cash
   D. Increase cash and equity

6. The adjustment to be made for income received in advance is:

   A. Add income received in advance to respective income and show it as a liability
   B. Deduct income received in advance from respective income and show it as a liability
   C. Add income received in advance to respective income and show it as asset
   D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet

7. Cash received from debtors would be deemed as___________of funds.

   A. No flow
   B. Sources
   C. Uses
   D. Gain

8. Payments received in advance from a customer for a contract can be__________?

   A. Shown as a deduction from contract work-in-progress on asset side
   B. Shown as a liability
   C. Credited to P&L A/c
   D. Either A or B above

9. During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

   A. Rs. 33,000
   B. Rs. 25,000
   C. Rs. 17,000
   D. Rs. 8,000

10. Discount received is recorded on which of the following side of a cash book?

    A. Receipts
    B. Payments
    C. Incomes
    D. Expenditures