Not for Profit Organisation

The main objective of a Not for Profit Organisation is ________ motive.

Receipt and Payment Account generally shows:

• A Debit balance

• Surplus or Deficit

• A Credit Balance

• Capital fund

Subscription received in advance during the current year is

• An income

• An assets

• A liability

• None of these

Donation received for a special purpose

• Should Be credited to Income and Expenditure Account

• Should be credited to separate account and shown in the Balance Sheet

• Should be shown on the assets side

• Should not be recorded at all.

The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?

• Liability side of Balance Sheet

• Assets side of Balance Sheet

• Debit side of Income and Expenditure Account

• Credit side of Income and Expenditure Account

Subscription received by a school for organising annual function is treated as

• Capital Receipt (i.e., Liability)

• Revenue Receipt (i.e., Income)

• Asset

• None of there

The amount received for sale of sports material by a None -profit organisation is shown in which of the following

• Debit side of income and expenditure account

• Liability side of Balance Sheet

• Credit side of income and expenditure account

• Asset side of Balance sheet

What is the nature of income and expenditure account?

• Real

• Personal

• Nominal

• None of the above

What is is the main motive of non-profit organisation

• Profit

• Service

• Both

• None of the above

Income and Expenditure Account records transactions of:

• Revenue nature only

• Capital nature only

• Both Revenue and Capital nature

• None of the above