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Humanities/Arts Exam  >  Humanities/Arts Questions  >  Which of the following options given below ar... Start Learning for Free
Which of the following options given below are correct?
A. If there appears a sports fund, the expenses incurred on sports activities will be shown on the debit side of Income and Expenditure Account.
B. Donations for specific purposes are always capitalized.
C. Scholarships granted to students out of funds provided by Government will be debited to Income
and Expenditure Account.
D. Opening balance sheet is prepared when the opening balance of capital fund is not given.
E. If donations received is to be utilised to achieve specified, it is called Specific Donations.
Choose the correct answer from the options given below:
  • a)
    A, B, D only
  • b)
    B, D, E only
  • c)
    B, C, D only
  • d)
    C, D, E only
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Which of the following options given below are correct?A. If there app...
Explanation:

Donations for specific purposes are always capitalized:
- Donations for specific purposes are not shown as income in the Income and Expenditure Account. Instead, they are treated as capital receipts and are capitalized.

Scholarships granted to students out of funds provided by Government will be debited to Income and Expenditure Account:
- Scholarships granted to students out of funds provided by the Government are considered as expenses and will be debited to the Income and Expenditure Account.

Opening balance sheet is prepared when the opening balance of capital fund is not given:
- An opening balance sheet is prepared to show the financial position of an organization at the beginning of a financial period when the opening balance of the capital fund is not provided.

If donations received are to be utilized to achieve a specified purpose, it is called Specific Donations:
- When donations are received with a specific purpose in mind, they are known as Specific Donations. These donations must be used only for the designated purpose and cannot be used for any other expenses.
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Community Answer
Which of the following options given below are correct?A. If there app...
The correct answer is B: 

B. Donations for specific purposes are always capitalized.
  • This is true because when a donation is received for a specific purpose, it is treated as a capital receipt and is not shown in the Income and Expenditure Account. Instead, it is recorded in the balance sheet as a liability.
D. Opening balance sheet is prepared when the opening balance of capital fund is not given.
  • This is true because the opening balance sheet helps in determining the opening balance of the capital fund. If the opening balance of the capital fund is not given, then the opening balance sheet is prepared to find out the missing information.
E. If donations received is to be utilized to achieve a specified purpose, it is called Specific Donations.
  • This is true because specific donations are those donations that are received for a particular purpose or project. These donations are usually capitalized and not shown in the Income and Expenditure Account.
Options A and C are incorrect for the following reasons:

A. If there appears a sports fund, the expenses incurred on sports activities will be shown on the debit side of Income and Expenditure Account.
  • This is incorrect because if there is a sports fund, the expenses incurred on sports activities should be debited to the sports fund account, not the Income and Expenditure Account.
C. Scholarships granted to students out of funds provided by Government will be debited to Income and Expenditure Account.
  • This is incorrect because scholarships granted to students out of government funds are considered a specific fund and should be debited to the respective scholarship fund account, not the Income and Expenditure Account.
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Which of the following options given below are correct?A. If there appears a sports fund, the expenses incurred on sports activities will be shown on the debit side of Income and Expenditure Account.B. Donations for specific purposes are always capitalized.C. Scholarships granted to students out of funds provided by Government will be debited to Incomeand Expenditure Account.D. Opening balance sheet is prepared when the opening balance of capital fund is not given.E. If donations received is to be utilised to achieve specified, it is called Specific Donations.Choose the correct answer from the options given below:a)A, B, D onlyb)B, D, E onlyc)B, C, D onlyd)C, D, E onlyCorrect answer is option 'B'. Can you explain this answer?
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