Account for NPO

Non profit organisations prepare all of the following accounts expect the..

• Receipts and payments account

• Income and Expenditure account

• Statement of Financial Position

• Income Statement

What is is the main motive of non-profit organisation

• Profit

• Service

• Trading

• MAnufacturing

On what basis the receipts and payments account is prepared?

• cash basis

• credit basis

• cash and credit basis

• none of the answer

In non - profit organization, the sale of old newspapers is generally considered as a/an

• revenue receipt

• expenditure

• income

• capital receipts

Capital fund also called as

• accumulated fund

• special fund

• donation fund

• none of the answer

Receipt and Payment Account generally shows:

• Surplus or Deficit

• A Debit balance

• A Credit Balance

• Capital fund

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

• Assets side of Balance Sheet

• Liability 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

• Expenses

There is no difference between Receipts and Payment Account and Income and Expenditure Account.

• True

• False

Expense outstanding (accrued) on the date of balance sheet is shown on:

• Statement of Financial Position

• Income and expenditure account

• Both in Income and expenditure account and in Statement of Financial Position

• Receipts and Payments account