Not For Profit Organization

10 Questions | By ShashiRamachandr | Last updated: Mar 20, 2022 | Total Attempts: 875

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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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