Quiz on Non-Profit Making Org.

The equivalent of a club's profit and loss account is prepared as ______________.

• Receipts and Expenditure account

• Revenue account

• Receipts and Payments account

• Income and Expenditure account.

Which of the following is not true of a non-profit making organization?

• Income and expenditure account is prepared

• Receipts and payments account is a substitute for income and expenditure account

• Receipts and payments account deals with cash transactions only

• Income and expenditure account includes accruals and prepayment.

A non-profit organization is described as _________________.

• one which provides services to people

• a business

• an organization where business is carried out for profit

• a limited company

Subscription in advance is treated in the balance of a club as _______.

• current liability

• current asset

• fixed asset

• intangible asset.

In a non-profit oriented organization, the excess of income over expenditure is ____________.

• added to the capital

• added to the accumulated fund

• deducted from the capital

• deducted from the reserve.

Which of the following serves the same purpose as the income and expenditure of a non-trading organization?

• Trading account

• profit and loss account

• Appropriation account

• Balance sheet.

____________________ is used to find opening and closing capital.

• Statement of affairs account

• Cash book

• Receipt and payment account

• Income and expenditure account

____________ is the periodic contribution by members of a club.

• Donation

• Subscription

• Deficit

• Entrance fee

In a non-profit making organization, the cash book summarized in the form of _____________.

• Balance sheet

• Income and expenditure account

• Receipts and payment account

• Control account

In single entry and complete records, the net assets method used to ascertain profit is _____________________.

• net asset at the end of a period - net asset at the beginning of a period = profit + additional capital - drawings

• net asset at the end of a period - net asset at the beginning of a period = profit - additional capital - drawings

• net asset at the end of a period - net asset at the beginning of a period - drawings

• net asset at the end of the period + additional capital - drawings.