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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 reflect?
💡 Hint: Think about its purpose in accounting.
Question 2
Easy
What is meant by a surplus in the context of the Income and Expenditure Account?
💡 Hint: Consider financial success.
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 is the main purpose of the Income and Expenditure Account?
- To show profits
- To record income and expenses
- To compile cash transactions
💡 Hint: Think about its non-trading nature.
Question 2
True or False: The Income and Expenditure Account includes capital receipts.
- True
- False
💡 Hint: Focus on what typical income and expenses involve.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A sports club received membership fees of $20,000 and incurred total expenses of $22,500. Calculate the surplus or deficit for the club and discuss potential implications.
💡 Hint: Analyze the difference between income and expenses.
Question 2
If an organisation has an income of $50,000 and expenses amounting to $40,000 but does not account for $5,000 in depreciation, what will be the adjusted surplus?
💡 Hint: Remember to factor in depreciation as part of expenses for accurate reporting.
Challenge and get performance evaluation