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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does the Income and Expenditure Account show?
💡 Hint: Think about how a business profits.
Question 2
Easy
What is a surplus?
💡 Hint: Opposite of deficit.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does an Income and Expenditure Account exclude?
- Capital receipts
- Operating expenses
- Income
💡 Hint: Think about what revenue impacts performance.
Question 2
A non-trading organization shows a surplus when?
- True
- False
💡 Hint: Consider basic definitions of profit.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Prepare an Income and Expenditure Account for a fictional nonprofit organization that received $15,000 in donations but spent $10,000 in that fiscal year. Ensure to demonstrate the surplus and categorize expenses.
💡 Hint: Categorize donations and tally total expenses clearly.
Question 2
Consider a scenario where a non-trading organization has an accrued income of $1,500 that isn't cash yet. Discuss how this will affect the Income and Expenditure Account.
💡 Hint: Think of how revenues should reflect actual earned income.
Challenge and get performance evaluation