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WorksheetsNot for profit organization
Total questions: 20
Worksheet time: 12mins
Receipt and Payment Account generally shows:
A Debit balance
Surplus or Deficit
A Credit Balance
Capital fund
Donation received for a special 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 assets side
Should not be recorded at all.
The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?
Liability side of Balance Sheet
Assets side of Balance Sheet
Debit side of Income and Expenditure Account
Credit side of Income and Expenditure Account
Subscription received by a school for organising annual function is treated as
Capital Receipt (i.e., Liability)
Revenue Receipt (i.e., Income)
Asset
None of there
What is is the main motive of non-profit organisation
Profit
Service
Both
None of the above
What is the nature of income and expenditure account?
Real
Personal
Nominal
None of the above
Non-cash items are not recorded in:
Balance Sheet
Profit and Loss A/c
Income and Expenditure A/c
Receipt and Payment A/c
There is no difference between Receipts and Payment Account and Income and Expenditure Account.
True
False
In the Income and Expenditure Account, all incomes received during the year irrespective of the year for which they are received, are to be recorded.
True
False
Khanna sports club received ₹ 200 as subscription for the accounting year 2018 -19 and ₹ 100 are yet to be received. It also received ₹ 50 as advance subscription for subsequent year. What amount of subscription would be shown in credit side of Income and Expenditure A/C for the year ending 31 march 2019?
200
250
300
350
Rotary club sold an asset of ₹ 70000 for ₹ 65000 on 29 march 2019. It will be shown in Income and Expenditure account for the year ending 31 march 2019 as:
₹ 65000 in debit side
₹ 5000 in debit side
₹ 65000 in credit side
₹ 5000 in credit side
Expense outstanding on the date of balance sheet is shown on:
Liabilities side of balance sheet
Income and expenditure account
Both in Income and expenditure account and in balance sheet
Receipts and Payments account
XYZ charity club doesn’t maintain prize fund. Where would be the item ‘prize awarded of ₹ 5000 would be taken to:
Debit side of Income and expenditure account
Credit side of Income and expenditure account
Liabilities side of balance sheet
None of these
Arora entertainment club maintained a prize fund. After adjustment of expenses and incomes related to prize fund, it showed a negative balance. This negative balance would:
Be shown in liabilities side of balance sheet
Not be recorded
Be transferred to debit side of Income and expenditure account
Be shown in assets side of balance sheet
Capital of NPO is generally known as:
Equity
Accumulated fund
Capital fund
Financial reserve
Subscriptions received in cash during the year amounted to ₹ 60000 , subscription received in advance for the next year was ₹ 3000 and received in advance during previous year was ₹ 2000. Subscription in arrears at the end of current year was ₹ 5400. The amount credited to the Income and expenditure account will be:
.₹ 53600
₹ 66400
₹ 55600
₹ 64400
Which of the following should not be recorded in the income and expenditure account?
Sale of old news papers
Loss on sale of asset
Honorarium paid to the secretary
Sale proceeds of furniture
Legacy is a
Revenue expenditure
Capital expenditure
Revenue receipt
Capital receipt
A club purchased refrigerator for Rs 8,000 and spent Rs 600 for stabilizer and Rs 400 on its electric fittings. The refrigerator should be capitalized for Rs:
9000
8600
8400
8000
