MCQ on NPO

Nature of receipt and payment account is

• Real

• Nominal

• Personal

• Representative personal

Nature of income and expenditure account is

• Real

• Nominal

• Personal

• None

Basis of preparing income and expenditure account is

• Cash basis

• Accrual basis

• None

• Both

Income and expenditure account records

• Revenue items only

• Capital items only

• Bothe revenue and capital items

• None

Which of the following is not be debited to income and expenditure account

• Postage stamps consumed

• Profit on sale of asset

• Loss on sale of asset

• Salary

The amount received under will of a deceased person is called

• Legacy

• Donation

• General fund

• Entrance fees

The opening stock of stationary will be shown in

• Opening balance sheet

• Closing balance sheet

• Receipt and payment account

• None

The amount paid to guest by an NPO for their services as a token of respect is called

• Salary

• Commission

• Honorarium

• Wages

The excess of credit side of income and expenditure account over debit side is called

• Profit

• Deficit

• Surpluses

• Loss

Which of the following is not an NPO

• School

• Hospital

• Old age home

• Reliance industries