WorksheetsNPO 1
Total questions: 10
Worksheet time: 10mins
Receipts and payments account is prepared on
Cash basis
Time basis
Accrual basis
Sales basis
Not-for-profit organisations prepare
Income and expenditure account
Trading and profit and loss account
Trading account
Both (a) and (c)
Receipts and payments account is a summary of
Debit and credit balances of ledger account
Cash receipts and payments
Incomes and expenses
Balances of assets and liabilities
Income and expenditure account is prepared on
Cash basis
Accrual basis
Both (a) and (b)
Sales basis
Legacy donation received by NPO to be used for specific purpose is accounted as
Revenue receipt
Capital receipt
An asset
Is decided by the management
Life membership fees received by NPO is accounted as
Revenue receipt
Capital receipt
An asset
Miscellaneous receipt
Salaries paid during the year ended 31st March 2020 is Rs. 36,000. Salaries paid in advance at the end of previous year were Rs. 54,000. The amount of salaries to be debited to income and expenditure account for the year ended 31st March 2020 will be
Rs. 54,000
Rs. 36,000
Rs. 90,000
Rs, 18,000
Title of the account which shows surplus/deficit of NPO is
Cash book
Income and expenditure account
Receipts and payments account
Balance sheet
Main source of income for not-for-profit organisation is
Rent
Salaries
Donations and subscriptions
Sale of assets
Identify the revenue receipt from the following
Donations for building
Subscription
Life membership fees
Legacy donation for library
