NPO Basic Understanding

Income and Expenditure A/C is prepared in order to ascertain

• Profit or Loss

• Surplus or Deficit

• Cash in hand & at Bank

• Assets & Liabilities

The Receipts & Payments account is a

• Real account

• Nominal Account

• Personal Account

• Impersonal Account

The Receipts and Payments account contains

• Capital Receipts and Payments only

• Revenue Receipts Payments only

• Petty Receipts and Payments only

• All receipts and Payments

Statement for the calculation of revenue of non-profit concern is known as

• Profit an Loss Account

• Income and Expenditure Account

• Receipts and Payment Account

• Balance Sheet

Income and Expenditure A/C is an ................ Account

• Nominal

• Real

• Personal

• None of the above

Income and Expenditure Account records transactions of .......................nature

• Revenue

• Capital

• Both Revenue and Capital

• None of these

Receipts and Payments Account contains ............items

• Revenue

• Capital

• Both revenue and capital

• None of these

Subscription received in advance is.............

• Expense

• Asset

• Income

• Liability

The amount received by a non trading concern as per the will of a deceased person is known as........

• Donation

• Grants

• Subscription

• Legacy

Receipt and Payment Account generally shows:

• A Debit balance

• Surplus or Deficit

• A Credit Balance

• Capital fund