1- Fund Accounting method is used by a. Profit organization b. Nonprofit organization c. Bank d. None of the given option 2- Receipt and Payment accounts is a .. a. Real Account b. Personal Account c. Cash flow statement balances d. Nominal Account 3- The fund in which all the receipt of Government is credited to _..-like tax, loan etc. a. Consolidate Fund b. Public fund c. Contingency Fund d. None of the given option 4- The account will begin with the opening balance of cash in hand or cash in bank. a. Income and expenditure account b. Balance Sheet c. Receipts and Payments Account d. None of the given option 5- The ... fund is used for a particular purpose a. Restricted Fund b. unrestricted fund c. Contingency Fund d. None of the given option 6- If income received is more than expenses incurred, then it is called an a. Profit b. Deficit c. Excess d. All the given option 7- The Income and Expenditure Account is prepared for comparing current income and current Expenditure ......... True False