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Class 12 Accountancy
Accounting For Not For Profit Organisation
Quiz 1
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Receipts and Payments A/c is a summary of:
0%
All Capital Receipts and Payments
0%
All Revenue Receipts and Payments
0%
All Revenue and Capital Receipts and Payments
0%
None of the above
Explanation
All Revenue and Capital Receipts and Payments
Subscription received by a schoblfbr organising annual V function is treated as:
0%
Capital Receipt
0%
Revenue Receipt
0%
Asset
0%
Earned Income
Explanation
Asset
Out of the following items, which one is shown in the Receipts and Payments Account?
0%
Outstanding Salary
0%
Depreciation
0%
Life Membership Fees
0%
Accrued Subscription
Explanation
Depreciation
In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:
0%
Liabilities side of the Balance Sheet
0%
Debit side the Income and Expenditure Account
0%
Credit side of the Income and Expenditure Account
0%
Assets side of the Balance Sheet
Explanation
Debit side the Income and Expenditure Account
All receipts from sale of consumable items are treated as:
0%
Capital Receipts
0%
Revenue Receipts
0%
Both (a) and (b)
0%
None of these
Explanation
Revenue Receipts
Capital fUnd is calculated:
0%
Income-Expenditure
0%
Assets Liabilities
0%
Capital + Liabilities
0%
None of these
Explanation
Assets Liabilities
Subscription redeved in advance during the current year is:
0%
An income
0%
An Asset
0%
A liability
0%
None of these
Explanation
A liability
Balance of Income and Expenditure Account shows:
0%
Cash in hand
0%
Capital Fund
0%
Net Profit
0%
Excess of Income over Expenditure or Vice Versa
Explanation
Excess of Income over Expenditure or Vice Versa
Property received as a result of the will of the deceased person is called:
0%
Legacy
0%
Honorarium
0%
Donation
0%
Subscription
Explanation
Legacy
Receipts and Payments Account usually indicates:
0%
Surplus
0%
Capital Fund
0%
Debit Balance
0%
Credit Balance
Explanation
Debit Balance
Income and Expenditure Account generally indicates:
0%
Surplus/Deficit
0%
Cash Balance
0%
Capital Fund
0%
Net Profit/Loss
Explanation
Surplus/Deficit
Donation received for a special purpose:
0%
Should be credited to Income and Expenditure A/c
0%
Should be credited to a separate account and shown in the Balance Sheet
0%
Should be shown on the Assets side of the Balance Sheet
0%
None of these
Explanation
Should be credited to a separate account and shown in the Balance Sheet
In not-for-profit organisation, excess of expenditure over income is called :
0%
Loss
0%
Profit
0%
Deficit
0%
Surplus
Explanation
Deficit
Which of the following is a non-profitable organisation ?
0%
Jharkhand Academic Council
0%
Tata Steel
0%
Air India
0%
Reliance Co. Ltd.
Explanation
Jharkhand Academic Council
Income and Expenditure Account is preparedly :
0%
Trending Organisation
0%
Non-trading Organisation
0%
Both (a) and (b)
0%
None of these
Explanation
Non-trading Organisation
Sale of old newspapers is:
0%
Capital Receipt
0%
Revenue Receipt
0%
Asset
0%
Profit
Explanation
Revenue Receipt
Income and expenses related to the prize fund is shown in:
0%
Income and Expenditure Account
0%
Assets side of the Balance Sheet
0%
Liabilities side of the Balance Sheet
0%
Cash Account
Explanation
Income and Expenditure Account
Which of the following is not a not-for-profit organisation:
0%
School
0%
Hospital
0%
Club
0%
Partnership Firm
Explanation
Partnership Firm
Subscription received during the year ₹ 1,80,000 Subscriptions outstanding at the end of the year ₹ 20,000 Subscriptions received in advance at the end of the year ₹ 10,The amount of subscription to be credited to Income and Expenditure Account will be:
0%
₹ 2,10,000
0%
₹ 1,90,000
0%
₹ 1,70,000
0%
₹ 2,00,000
Explanation
₹ 1,90,000
In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
0%
Liabilities side of the Balance Sheet
0%
Debit side of the Income and Expenditure Account
0%
Credit side of the Income and Expenditure Account
0%
Assets side of the Balance Sheet
Explanation
Debit side of the Income and Expenditure Account
0 h : 0 m : 1 s
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