Not for profit organisations

Financial statements of NPO are

• receipt and payment account

• income and expenditure account

• statement of affairs

• all of the above

What is the nature of receipt and payment account?

• personal account

• real account

• nominal account

• none of these

what is the nature of income and expenditure account/

• pesonal account

• real account

• nominal account

• none of these

receipt and payment account are prepare on which basis?

• accrual basis

• cash basis

• need basis

• none of these

Income and expenditure account is prepare in which basis:

• accrual basis

• cash basis

• need basis

• none of these

what is the main source of income of NPO?

• life membership fees

• endowment fund

• subscription

• legacy

The receipt and payment account is the summary of:

• debit and credit balances of ledger

• cash receipts and payment

• expenses and incomes

• assets and liability

Income and expenditure account reveals:

• surplus and deficiency

• cash in hand

• net profit

• none of these

Which of the following represents capital receipts:

• life membership fees

• donation

• subscription

• interest on investment

Subscription received by school for organising annual function treated as:

• revenue receipts

• capital receipt

• earned income

• none of these