Table of Contents
NON PROFIT ORGANISATION ACCOUNTS
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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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