Identify the salient features of Income and Expenditure account from the following:

A. It is prepared on accrual basis.

B. It includes both revenue as well as capital items.

C. It is prepared after taking into account the additional information regarding outstanding/prepaid expenses and depreciation etc.

D. Its result is surplus or deficit.

E. It is prepared with the help of Receipts and Payments Account.

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What will be the accounting treatment of outstanding expenses in the Income and Expenditure A/c.

(A) Added in main or concerned head

(B) Subtracted from main head

(C) Shown in Balance-Sheet as Liability

(D) Will not be shown in Income and Expenditure A/c

(E) Shown in Receipt and Payment A/c only

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Match List-I with List-II

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Match the following with regard to company's Balance Sheet.

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Identify the components of equity:

A. Money received against share warrants

B. Working capital

C. Share capital

D. Reserves & surplus

E. Cash Revenue from operations

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Land donated by neighbor is

Which accounting standard is applicable for recognizing Intangible assets?