non profit organization

Expenditure on purchase of Building is a ——- expenditure

• Capital

• Revenue

• General

• Recurring

Q-1 The Receipt and Payment account of a Non- Profit Organisation is a

• Nominal Account

• Real Account

• Income Statement Account

• Financial Statements

Donation fr scholarship fund is ———-

Subscription received in advance during the accounting Year is ————

• An income

• An expense

• An asset

• A liability

The closing balance off receipt and payment account usually represents ———

• closing stock

• cash and bank balance

• Surplus

• Deficit

Excess of income over expenditure is termed as ———-

• Deficit

• Profit

• Surplus

• Loss

Receipt and payment account falls under the category of ————- transactions are recorded

Charitable institutions prepare profit and loss account at the end of every financial year

• True

• False

Income and expenditure account represents either surplus or deficit

• True

• False

Receipt and payment account do not have any opening balance

• True

• False