CBSE Questions for Class 12 Commerce Accountancy Accounting For Not-For-Profit Organisations Quiz 4 - MCQExams.com

The surplus generated in the form of excess of income over expenditure is simply ________ in the capital fund.
  • added
  • subtracted
  • divided
  • multiplied
Not-for-profit organisations are organised as charitable trusts and subscribers to such organisation are called _________.
  • owners
  • members
  • shareholders
  • directors
The affairs of the not-for-profit organisations are usually managed by a managing/executive committee elected by its _______.
  • members
  • owners
  • shareholders
  • directors
If an organisation has followed the _______ entry system, they must prepare a trial balance for checking the accuracy of the ledger accounts.
  • single
  • double
  • manual
  • computerised
Given : Stock of stationery on Jan. 1, 2015 Rs 200; payments for stationery during 2015 Rs 1,000; and stock of stationery on Dec. 31, 2015 Rs 50.
What will be the amount posted to Income and Expenditure A/c for the year ending Dec. 31, 2015?
  • Rs 750
  • Rs 850
  • Rs 1,150
  • Rs 1,250
Not-for-Profit organisations refer to the organisations that are used for the welfare of the _________ and are set up as charitable institutions which function without any profit motive.
  • company
  • society
  • manager
  • director
Consider the following statements.
Operational loss is a source of funds
Decrease in working capital is a source of funds
Addition to fixed assets are an application of funds
Fresh introduction of capital is an application of funds
Which of the above statements are applicable while preparing the funds flow statement?
  • 1 and 2
  • 1 and 3
  • 1 and 4
  • 2, 3 and 4
Non-profit earning companies are mostly formed as ______________.
  • Companies limited by shares
  • Companies limited by guarantee
  • Unlimited companies
  • None of the above
Income and Expenditure Account records income and expenditure item of ____________________.
  • Booth capital and revenue nature.
  • Only capital nature.
  • Only revenue nature.
  • Only revenue nature related to a particular accounting period.
Not for profit concerns do not have profit motive.
  • True
  • False
Income and Expenditure account is similar to __________ account.
  • Balance sheet
  • Trading account
  • Profit & loss account
  • None of the above
Income and expenditure account is called ________.
  • Real Account
  • Nominal Account
  • Personal Account
  • Representative Account
The income and expenditure account is prepared on the basis of __________ system of accounting.
  • Basic
  • Main
  • Cash
  • Mercantile
The following information is provided by a club
Stock of sports goods = Rs.20,000
Purchase of sports goods During the year = Rs.80,000
Sports goods sold as scrap = Rs.500
Closing balance = Rs.30,000
The amount to charged to Income and Expenditure Account will be:
  • Rs. 69,000
  • Rs. 70,000
  • Rs. 70,500
  • Rs. 80,000
If a receipt of $$Rs.200$$ from Rajesh who is a debtor to the company has not been recorded in the books, then the profit would show __________.
  • An increases of $$Rs.200$$
  • A decrease of $$Rs.200$$
  • Neither an increase nor a decrease
  • None of the Above
The total of all payments irrespective of their nature (whether capital or revenue) and whether they pertain to past, current and future periods are to be shown on its credit side is step ____ in preparation of Receipt and Payment Account.
  • 1
  • 2
  • 3
  • 4
Match List-I(financial statements and accounts) with List-II(special matters associated with statements and accounts) and select the correct answer using the codes given the lists.
List-IList-II
I. Receipts and payments(a) Revenue account
II. Income and expenditure account(b) Cash
III. Dividend equalisation reserve(c) Liability
IV. Club subscription received in advance account(d) Balance Sheet
(e) General reserve
  • I-(b), II-(a), III-(d), IV-(c)
  • I-(c), II-(b), III-(d), IV-(e)
  • I-(b), II-(a), III-(e), IV-(c)
  • I-(a), II-(b), III-(d), IV-(e)
An Institution received Rs. 140,030 as rent during the year 2016-2017 which includes Rs. 36,000 received in advance for the year 2017-Outstanding rent at the end of the years 2015-2016 and 2016-2017 were Rs. 24,000 and Rs. 28,000 respectively. Amount of rent to be shown in Income and Expenditure Account for the year 2016-2017 will be _______________.
  • Rs. 1,80,000
  • Rs. 1,44,000
  • Rs. 1,08, 030
  • Rs. 1,48,600
The distinction between capital and revenue is necessary for the preparation of ___________.
  • Fund Flow Statement
  • Receipts and Payment Account
  • Final Accounts
  • Cash Flow Statement
From the following Receipts and payments account of a club for 2017-18, prepare Income and Expenditure account and a balance sheet as on 31.3.2018.
                                         Receipts and Payments account
ReceiptsAmount (Rs.)PaymentsAmount (Rs.)
To Donations received14,000By Salaries3,300
To Subscriptions6,500By Furniture11,700
To Life Memberhip fee6,000By Games expenses2,500
To Tournment fund8,000By Printing3,100
To Entrance fee1,200By Tournment expenses3,000
To Donations for

Computer		5,000By Sports Equipment14,000
To Sale of Old Newspaper
500By Balance c/d2,600

40,20040,200
Adjustments:
Subscriptions received in advance Rs. 1500 and Outstanding Subscriptions Rs. $$2500$$.
2. Value of Sports equipment on 1.4.07 Rs. 1000 and on 31.3.2008 Rs. $$9000$$
3. Provide Rs. 1000 depreciation on Furniture. 
Calculate the Amount of Surplus/Deficit from the Income and Expenditure account and mark the correct option from the following:
  • Surplus Rs. $$1,700$$
  • Deficit Rs. $$1,700$$
  • Surplus Rs. $$2,700$$
  • Deficit Rs. $$2,700$$
In a Club, subscription received for current year Rs. 2,50,000.
Subscription of current year received in the previous year Rs. 25,Subscription out-standing for current year 45,000.
Subscription received in advance in current year Rs. 11,000 and subscription of previous year received in current year Rs. 35,000. 
The amount of subscription to be shown in Income and Expenditure Account will be ___________.
  • $$2,74,000$$
  • $$226,000$$
  • $$3,09,000$$
  • $$3,20,000$$
In not-for-profit organization, surplus generated in the form of excess of income over expenditure is distributed amongst the _________.
  • Owners
  • Members
  • Management
  • None of the above
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