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WorksheetsNPO - theory
Total questions: 16
Worksheet time: 8mins
Receipt and payments account generally shows
Debit balance
Credit balance
Surplus / Deficit
Capital fund
Subscription received from sale of grass by a club should be treated as
Capital receipt
Asset
Revenue receipt
Earned income
Subscription received in advance during the current year is
An income
An asset
A liability
none of these
Income and expenditure account reveals
Surplus or deficiency
Net profit
Cash in hand
Capital account
Receipt and payment account is a
Nominal account
Real account
Personal account
Income and expenditure account is a
Personal account
Nominal account
Real account
Which of the following is treated as capital receipt
Honorarium
Legacy
Subscription
Interest on fixed deposit
Select the odd one out from the followings
Life membership fees
Endowment fund receipt
Legacies
Subscription
Which of the following is a not for profit organisation
Reliance India Limited
Ramakrishna mission trust
Mahindra Ltd.
Jhonson & Jhonson
Donation received for a specific purpose
Should be credited to income and expenditure account
Should be credited to separate account and shown in the balance sheet
Should be shown on the Asset side
Should not be recorded at all
Main source of income for a non profit organisation is/ are
Subscription
Donation
Subscription or donation
Subscription and donation
Rent outstanding for current year will be treated as
Asset
Liability
Income
Expenditure
If there is a 'match fund' then match expenses and incomes are transferred to Tu
Income and expenditure account
Asset side of balance sheet
Liabilities side of balance sheet
Both income and expenditure account and balance sheet
Honorarium is a type of
Asset
Income
Expense
Liability
Income and expenditure account records transaction of
Revenue nature only
Capital nature only
Both revenue and capital nature
Income of only revenue nature and expenditure of revenue and capital nature
Subscription received in advance during the current year is
An income
An asset
A liability
none of these
