WorksheetsNPO Basic Understanding
Total questions: 20
Worksheet time: 20mins
Income and Expenditure A/C is prepared in order to ascertain
Profit or Loss
Surplus or Deficit
Cash in hand & at Bank
Assets & Liabilities
The Receipts & Payments account is a
Real account
Nominal Account
Personal Account
Impersonal Account
The Receipts and Payments account contains
Capital Receipts and Payments only
Revenue Receipts Payments only
Petty Receipts and Payments only
All receipts and Payments
Statement for the calculation of revenue of non-profit concern is known as
Profit an Loss Account
Income and Expenditure Account
Receipts and Payment Account
Balance Sheet
Income and Expenditure A/C is an ................ Account
Nominal
Real
Personal
None of the above
Income and Expenditure Account records transactions of .......................nature
Revenue
Capital
Both Revenue and Capital
None of these
Receipts and Payments Account contains ............items
Revenue
Capital
Both revenue and capital
None of these
Subscription received in advance is.............
Expense
Asset
Income
Liability
The amount received by a non trading concern as per the will of a deceased person is known as........
Donation
Grants
Subscription
Legacy
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 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
The amount received for sale of sports material by a Non -profit organisation is shown in which of the following
Debit side of income and expenditure account
Liability side of Balance Sheet
Credit side of income and expenditure account
Asset side of Balance sheet
Closing Balance of income and expenditure account is transferred to (a) fund.
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
If income is ₹ 16000 and deficit debited to capital fund is ₹ 4300, the expenditure is:
₹ 16000
₹ 4300
₹ 20300
₹ 11700
Capital of NPO is generally known as:
Equity
Accumulated fund
Capital fund
Financial reserve
