Not For Profit Organization

10 Questions | Total Attempts: 875

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Organization Quizzes & Trivia

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Questions and Answers
  • 1. 
    Income and Expenditure Account is a:
    • A. 

      Personal Account

    • B. 

      Real Account

    • C. 

      Nominal Account

    • D. 

      Real and Nominal Account, both

  • 2. 
    Subscription received in advance during the current year is:
    • A. 

      An Income

    • B. 

      An asset

    • C. 

      A liability

    • D. 

      None of these

  • 3. 
    Income and Expenditure Account reveals :
    • A. 

      Surplus or Deficiency

    • B. 

      Cash in Hand

    • C. 

      Net Profit

    • D. 

      Capital Account

  • 4. 
    Out of the following items, which one is shown in the Receipts and Payments Account?
    • A. 

      Outstanding Salary

    • B. 

      Depreciation 

    • C. 

      Life Membership Fees

    • D. 

      Accrued Subscription

  • 5. 
    The Receipts and Payments Account is a summary of :
    • A. 

      Debit and Credit balance of Ledger Accounts

    • B. 

      Cash Receipts and Payments 

    • C. 

      Expenses and Incomes

    • D. 

      Assets and Liabilities

  • 6. 
    Which one of the following represents capital receipt :
    • A. 

      Donation

    • B. 

      Subscription

    • C. 

      Interest on Investments

    • D. 

      Life Membership Subscription

  • 7. 
    The amount received for sale of old sport materials by a Non-profit organisation is shown in which of the following?
    • A. 

      Debit side of Income and Expenditure Account

    • B. 

      Liability side of Balance Sheet

    • C. 

      Credit side of Income and Expenditure Account

    • D. 

      Assets side of Balance Sheet

  • 8. 
    If there is a 'Match Fund', then match expenses and incomes are transferred to:
    • A. 

      Liabilities side of Balance Sheet

    • B. 

      Assets side of Balance Sheet

    • C. 

      Income and Expenditure A/c

    • D. 

      Both Income and Expenditure A/c and to Balance Sheet

  • 9. 
    Salary paid in cash during the current year was Rs. 80,000; Outstanding salary at the end was Rs. 4,000; Salary paid in advance last year pertaining to current was Rs. 3,200; paid in advance during current year for next year was Rs. 5,000. The amount debited to Income and Expenditure A/c will be:
    • A. 

      85,800

    • B. 

      77,800

    • C. 

      82,200

    • D. 

      74,200

  • 10. 
    If a General Donation of huge amount is received by a school, that donation is treated as:
    • A. 

      Revenue receipt

    • B. 

      Capital receipt

    • C. 

      Assets

    • D. 

      Earned income

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