Non-Trading Concern: Fill In the Blanks

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 12, 2023

1. The receipts and payments account shows the amount of cash in hand or at bank or

2. In the income and expenditure account, expenses are recorded on the and income on the .

3. Any excess of income over expenditure is to the capital fund.

4. No distinction is made between and items in the receipts and payments account.

5. Revenue items are recorded in the .

6. Capital funds can be determined by taking the excess of over .

7. Any amount not credited to income is shown as a on the balance sheet.

8. A receipts and payments account is simply a summary of the .

9. The receipts and payments account starts with the balance.

10. The receipts and payments account ends with the balance.

11. Sales returns are also known as .

Non-Trading Concern: Fill In the Blanks FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.