Income statement of a Charitable Institution is known as

Related MCQs

• A Charitable Institution has 250 members with a annual subscription of `5,000 each. The subscription received during 2018-19 were `11,25,000, which include ` 65,000 and `25,000 for the years of 2017-18 and 2019-20 respectively. Amount of outstanding subscription for the 2018-19 will be
• Charitable Organizations promote welfare of the common man, in general Sol:
• The primary motive of Charitable Trust organizations is to provide……………………. Sol:
• If the provision for income tax for 2013 is Rs.30,000 and for 2014 is Rs.40,000; and income tax of Rs.25,000 is paid during the year 2014 in respect of year 2013, the amount of to be debited to the Profit and Loss Adjustment Account as “Provision for Income Tax” to find out “Funds from Operation” will be
• Income earned but not received to known as _______________ income
• Which of the following are current assets of a business? i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses v. Accrued income
• The Income and Expenditure Account includes all revenue expenses and income irrespective of its cash flow Sol:
• Income tax paid by a sole proprietor from his business income should be:
• From the following information provided, the income from subscription to be shown in the Income and Expenditure A/C for the year ending 31/12/2015 can be calculated at Rs. ______ (i) Subscription received during 2015 : for 2014 – Rs.5,000 for 2015 – Rs.30,000 for 2016 – Rs.6,000 (ii) Subscription received in advance as at 31/12/2014 – Rs.6,000 (iii) Subscription outstanding as at 31/12/2014 – Rs.6,000 (iv) Subscription outstanding as at 31/12/2015 – Rs.4,000
• The Income and Expenditure Account is always accompanied with a cash flow statement Sol: