CBSE Questions for Class 12 Commerce Accountancy Accounting For Not-For-Profit Organisations Quiz 1 - MCQExams.com

Funds raised by Not-for-Profit Organisations through various sources is __________account.
  • credited to capital fund
  • debited to capital fund
  • credited to assets
  • debited to assets
The funds raised by not-for-profit organisations are credited to _________.
  • Capital fund
  • Partners' capital
  • Cash
  • Owner's fund
Following item come under head fixed assets______________.
  • Discarded during the year
  • Sold during the year
  • Destroyed during the year
  • None of the above
Not-for-Profit Organisations do not maintain_______account.
  • capital
  • cash
  • bank
  • income
The information for the preparation of receipt and payments account is taken from _________.
  • Cash book
  • Income and Expenditure A/c
  • Cash Book and Balance Sheet
  • Revenue Account
Revenue receipts are ___________ in the business.
  • non-recurring
  • recurring
  • accumulating
  • non-accumulating
Income and expenditure account reveals ____________.
  • Cash in hand
  • Surplus or Deficiency
  • Capital Account
  • Revenue Account
In the Not-For-Profit Micro Finance Institutes.
Which among the following are included?
  • Societies
  • Public Trusts
  • Non-Profit Companies
  • All of these
Non-trading institutions prepares ______________.
  • income and expenditure account
  • trading and profit and loss account
  • only trading account
  • only revenue account
The receipts and payments account begins with __________.
  • Debit balance
  • Credit balance
  • No balance
  • Normal balance
Income and expenditure account is prepared by _________ concerns.
  • non-trading
  • trading
  • partnership
  • sole proprietor
The closing debit balance in the receipts and payments account indicates the ________ balance at the end of the year.
  • opening
  • closing
  • trading
  • cash
Receipts and payment account shows ___________.
  • income and expenditure
  • cash receipts and payments
  • assets and liabilities
  • profit on sale
Non-trading institutions prepare ___________.
  • profit and loss account
  • trading account
  • manufacturing account
  • income and expenditure account
The revenue receipts are to be shown on ______side.
  • credit side of income & expenditure
  • debit side of income & expenditure
  • asset side of balance sheet
  • liabilitie side of balance sheet
Match List-I with List-II and select the correct answer using the codes given below the lists:
List-I (Item of balance sheet of company)List-II (Heading of balance sheet)
(a) Sundry debtorsFixed asset
(b) Bills of exchangeMisc. Expenses
(c) Live stockCurrent asset
(d) Shares issue expensesLoans & Advances
  • (a)-3, (b)-4, (c)-2, (d)-1
  • (a)-2, (b)-1, (c)-3, (d)-4
  • (a)-1, (b)-2, (c)-3, (d)-4
  • (a)-3, (b)-4, (c)-1, (d)-2
Which of the following does not effect cash flows proposal?
  • Salvage Value
  • Depreciation Amount
  • Tax Rate Change
  • Method of Project Financing
Income and expenditure account is also called as a ________ account.
  • real 
  • nominal 
  • personal 
  • cash 
Shankar introduces Rs. 5000 as additional capital in the business. This amount will be considered as ___________.
  • Capital Receipt
  • Revenue Receipt
  • Capital and Revenue Receipt
  • Deferred Revenue Expenditure
Which of the following is an example of capital expenditure?
  • Purchased a pencil sharpener at a cost of Rs.2
  • Installing an escalator at cost of Rs.5,600 in a three storey building which had previously been used without escalator
  • Painted delivery truck at a cost of Rs.450 after two years of use
  • None of the above
Subscription amounting to Rs. 7,500 appear on the credit side of income and expenditure account after adjusting subscriptions out standing Rs. 600 and subscriptions received in advance Rs.The amount of subscriptions to be shown in the receipts and payments account for the same year will be.
  • Rs. 6,450
  • Rs. 7,350
  • Rs. 7,650
  • Rs. 8,550
Income and Expenditure Account belongs to ______ account.
  • Real account
  • Personal account
  • Nominal accounts
  • All of the above
Which one of the following concepts is used as fund in the preparation of Funds Flow Statements?
  • Current Assets
  • Working Capital
  • Cash
  • All Financial Resources
Which of the following is not a current liability in the balance sheet ?
  • Loan from bank
  • Acceptance
  • Unclaimed dividend
  • Interest accrued but not due on loan
Income and Expenditure account is ______ to account like Profit and Loss account.
  • real
  • personal
  • nominal
  • expense
Income and Expenditure accounts shows a balance of ________________.
  • Surplus or Deficit
  • Cash in hand at the end
  • Net Profit/Loss
  • Capital Fund
Final accounts of NPOs consist of three parts _______________.
  • Trading; Profit and loss account; Balance sheet
  • Receipt and expenditure account; Income and expenditure account; Balance sheet
  • Trading; Profit and loss account; Profit and loss appropriation account
  • Receipt and payment account; Profit and loss account; Balance sheet
At the beginning of accounting year the following particulars are extracted value of Assets Rs. 25,000, Liabilities Rs. 5,000, Debit balance of income and expenditure account Rs. 2,Then capital fund will be ____________.
  • Rs. 32,500
  • Rs. 22,500
  • Rs. 27,500
  • Rs. 20,000
Which of the following current asset?
  • Stock
  • Creditors
  • Proposed Dividend
  • Tax
Which of the following is not an intangible asset?
  • Goodwill
  • Preliminary expenses
  • Patents rights
  • Copy rights
0:0:1


Answered Not Answered Not Visited Correct : 0 Incorrect : 0

Practice Class 12 Commerce Accountancy Quiz Questions and Answers