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NON PROFIT ORGANISATIONS ACCOUNTS CLASS 12 ; MCQs , NUMERICAL PROBLEMS

NON PROFIT ORGANISATION ACCOUNTS

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NON PROFIT ORGANISATION ACCOUNTS

Which of the following statements is not true for Receipts and Payments Account?

It is a summary of the Cash Book.

It record receipts and payments of revenue nature only.

The receipts and payments may relate to current, preceding, or succeeding accounting periods.

Depreciation is not shown in it.

Answer: b

Income and Expenditure Account records:

Receipts and Payments of Revenue and Capital nature both.

Income and Expenditure of Revenue nature only.

Expenditure of Capital nature only.

Receipts of Revenue nature only.

Answer: b

Pick the odd one out :

Receipts and Payments A/c

Income and Expenditure A/c

Balance Sheet

Profit and Loss A/c

Answer: d

Out of the following is a capital receipt?

Annuity Fund

Sports Fund

Capital Fund

Endowment Fund

Answer: c

NON PROFIT ORGANISATION ACCOUNTS

Identity the type of fund stated below :

‘Himanshu Club has a fund which can only be used for the distribution of prizes’.

Prize fund

Endowment fund

Non-approved fund

Honorarium

Answer: a

What a fund usually of a non-profit institution, arising from gift, the income of which is devoted to a specified purpose is called?

Endowment fund

Annuity fund

Both of above

None of above

Answer: a

Jaipur Club has a prize fund of Rs 6, 00,000. It incurs expenses on prizes amounting to Rs 5, 20,000. The expenses should be :

Debited to income and expenditure account

Presented on the assets side of the balance sheet

Debited to income and expenditure account and presented on the assets side of the balance sheet

Deducted from the prize fund on the liabilities side of the balance sheet

Answer: d

Match fund of Rs 1,000 exists in the books. Match expenses for the year amount to Rs 1,200. __________________ will be shown in the Income and Expenditure Account.

200

400

300

500

Answer: a

Jaipur Club has a prize fund of Rs 6, 00, 000. It incurs expenses on prizes amounting to Rs 5, 20, 000. The expenses should be

Debited to Income and Expenditure Account.

Presented on the assets side of the Balance Sheet.

Debited to income and Expenditure Account and presented on the assets side of the Balance Sheet.

Deducted from the Prize fund on the liabilities side of the Balance Sheet.

Answer: d

Subscription received during the year 2020-21: Rs 1, 50, 000. Outstanding Subscription as on 31st March, 2020. Rs 1, 00, 000. The amount shown as subscription receipt will be

Rs. 50, 000

Rs. 1, 50, 000

Rs. 1, 00, 000

Rs.1, 25, 000

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