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CBSE
Class 12 Accountancy
Accounting For Not For Profit Organisation
Quiz 2
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Income and Expenditure Account is:
0%
Personal Account
0%
Real Account
0%
Nominal Account
0%
None of these
Explanation
Nominal Account
Life Membership Fees received by a club is shown in :
0%
Income and Expenditure A/c
0%
Balance Sheet
0%
Receipts and Payments A/c
0%
None of these
Explanation
Balance Sheet
Receipts and Payments Account is a :
0%
Personal Account
0%
Real Account
0%
Nominal Account
0%
None of these
Explanation
Real Account
Income and Expenditure Account is prepared :
0%
By Business Organisation
0%
By Industrial Organisation
0%
By Not-for-Profit Organisation
0%
By All Organisations
Explanation
By Not-for-Profit Organisation
Payment of honorarium to secretary is treated as :
0%
Capital expenditure
0%
Revenue expenditure
0%
An Income
Explanation
Revenue expenditure
Outstanding subscription is a:
0%
Income
0%
Asset
0%
(a) and (b) both
0%
None of these
Explanation
(a) and (b) both
Legacies should be treated as :
0%
A Liability
0%
A Revenue Receipt
0%
An Income
0%
None of these
Explanation
A Liability
The excess of assets over liabilities in non-trading concerns is termed as:
0%
Capital Fund
0%
Capital
0%
Profit
0%
Net Profit
Explanation
Capital Fund
For a non-trading concern, honorarium paid is:
0%
An Income
0%
An Asset
0%
An Expense
0%
None of these
Explanation
An Expense
Entrance fees, unless otherwise stated, is treated as:
0%
A Capital Receipt
0%
A Revenue Income
0%
A Liability
0%
None of these
Explanation
A Revenue Income
Specific donation is:
0%
Capital Receipt
0%
Revenue Receipt
0%
Asset
0%
None of these
Explanation
Capital Receipt
Income and Expenditure Account records transactions of:
0%
Capital nature only
0%
Revenue nature only
0%
(a) and (b) both
0%
None of these
Explanation
Revenue nature only
Life membership fee received by a club is:
0%
Revenue Receipt
0%
Capital Receipt
0%
(a) and (b) both
0%
None of these
Explanation
Capital Receipt
All receipts of capital nature are shown in :
0%
Income and Expenditure A/c
0%
Balance Sheet
0%
P. & L. A/c
0%
None of these
Explanation
Balance Sheet
All items of revenue in nature are shown in:
0%
Income and Expenditure A/c
0%
Balance Sheet
0%
(a) and (b) both
0%
None of these
Explanation
Income and Expenditure A/c
Which of the following is not a not-for-profit organisation ?
0%
College
0%
Sports Club
0%
Maruti Udyog
0%
Hospital
Explanation
Maruti Udyog
Subscriptions received in advance by a club are shown on… .of the Balance Sheet
0%
Assets Side
0%
Liabilities Side
0%
Debit Side
0%
Credit Side
Explanation
Liabilities Side
Which of the following is not an income ?
0%
Subscription
0%
Donation
0%
Sale of Ticket
0%
Endowment Fund
Explanation
Endowment Fund
Most transaction in non-trading concerns are:
0%
Cash
0%
Credit
0%
Both (a) and (b)
0%
None of these
Explanation
Cash
The main object of non-profit organisation is:
0%
To earn Profit
0%
To Serve the Society
0%
To Prepare Profit & Loss A/c
0%
All the above
Explanation
To Serve the Society
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