List of top Accountancy Questions on Income and Expenditure Account

Income and Expenditure Account of a Non-Profit Organization is a:

During the year 2015-16, subscription received by a sports club were ₹ 80,000. These included ₹ 3,000 for the year 2014-15 and ₹ 6,000 for the year 2016-17. On 31st March 2016, the amount of subscription due but not received was ₹ 12,000. Calculate the amount of subscription to be shown in Income and Expenditure A/c.

Calculate the amount of sports material consumed for the year ended 31st March 2016

	₹
Stock of sports material on 1.4.2015	7,500
Creditor for sports material on 1.4.2015	2,000
Stock of sports material on 31.3.2016	6,200
Amount paid for sports material during the year 2015-16	17,000
Advance paid for sports material as on 31.3.2016	3,500
Creditor for sports material on 31.3.2016	1,200

Arrange the following in the context of Statement of Profit and Loss.
A. Other income
B. Expenses
C. Total Revenue
D. Revenue from operation
E. Profit before tax and extra-ordinary item
Choose the correct answer from the options given below:

can be used to write off preliminary expenses of the company.

Arrange the following steps in correct sequence.
(A) Appropriation of profit like Interest on capital 
(B) Charge against profit 
(C) Distribution of profits among the partners 
(D) Transfer to General Reserve as a part of Divisible profits 
(E) Calculation of Net profit 
Choose the correct answer from the options given below: 

The cost audit is important for management because :
A. Cost audit helps in determination and allocation of cost of product.
B. It helps to identify wastage, inconsistency and irregularity in production.
C. It helps in proper valuation of inventory.
D. It facilitates settlement of industrial disputes.
E. It serves as a basis to charge tax on the cost of finished goods.
Choose the most appropriate answer from the options given below :

v

As per income Tax provision, ITR-6 will be applicable for:

For Assessment of firm and calculating tax liability the correct sequence of Income Tax provision will be:
A. Calculation of Income under various heads
B. Calculation of total income and tax liability
C. Adjustment of deduction from Gross total income
D. Define residential status of firm
E. Set-off and carry - forward of losses
Choose the correct answer from the options given below :

An audit which is authorized, governed and made compulsory under any statue is called:

If the net profit earned during the year is ₹ 1,00,000 and the amount of Bills receivables in the beginning and the end of the year is ₹ 20,000 and ₹ 40,000 respectively, then cash flow from operating activities will be: