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Not for Profit Organisation

Total questions: 153

Worksheet time: 1hrs 17mins

Name
Class
Date
1.

Subscription received in advance during the current year is

a)

An income

b)

An assets

c)

A liability

d)

None of these

2.

Donation received for a special purpose

a)

Should Be credited to Income and Expenditure Account

b)

Should be credited to separate account and shown in the Balance Sheet

c)

Should be shown on the assets side

d)

Should not be recorded at all.

3.

The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?

a)

Liability side of Balance Sheet

b)

Assets side of Balance Sheet

c)

Debit side of Income and Expenditure Account

d)

Credit side of Income and Expenditure Account

4.

Subscription received by a school for organising annual function is treated as

a)

Capital Receipt (i.e., Liability)

b)

Revenue Receipt (i.e., Income)

c)

Asset

d)

None of there

5.

The amount received for sale of sports material by a None -profit organisation is shown in which of the following

a)

Debit side of income and expenditure account

b)

Liability side of Balance Sheet

c)

Credit side of income and expenditure account

d)

Asset side of Balance sheet

6.

The main objective of a Not for Profit Organisation is (a)   motive.

7.

Receipt and Payment Account generally shows:

a)

A Debit balance

b)

Surplus or Deficit

c)

A Credit Balance

d)

Capital fund

8.

What is the nature of income and expenditure account?

a)

Real

b)

Personal

c)

Nominal

d)

None of the above

9.

What is is the main motive of non-profit organisation

a)

Profit

b)

Service

c)

Both

d)

None of the above

10.

Income and Expenditure Account records transactions of:

a)

Revenue nature only

b)

Capital nature only

c)

Both Revenue and Capital nature

d)

None of the above

11.

Income and Expenditure Account reveals:

a)

Net Profit

b)

Cash in hand

c)

Surplus or Deficit

d)

Bank overdrraft

12.

Closing Balance of income and expenditure account is transferred to (a)   fund.

13.

Non-cash items are not recorded in:

a)

Balance Sheet

b)

Profit and Loss A/c

c)

Income and Expenditure A/c

d)

Receipt and Payment A/c

14.

There is no difference between Receipts and Payment Account and Income and Expenditure Account.

a)

True

b)

False

15.

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.

a)

True

b)

False

16.

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?

a)

200

b)

250

c)

300

d)

350

17.

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:

a)

₹ 65000 in debit side

b)

₹ 5000 in debit side

c)

₹ 65000 in credit side

d)

₹ 5000 in credit side

18.

The accounts of non trading concerns are generally maintained according to:

a)

Mercantile accounting system

b)

Cash accounting system

c)

Double entry book keeping system

d)

Single entry system

19.

Expense outstanding on the date of balance sheet is shown on:

a)

Liabilities side of balance sheet

b)

Income and expenditure account

c)

Both in Income and expenditure account and in balance sheet

d)

Receipts and Payments account

20.

XYZ charity club doesn’t maintain prize fund. Where would be the item ‘prize awarded of ₹ 5000 would be taken to:

a)

Debit side of Income and expenditure account

b)

Credit side of Income and expenditure account

c)

Liabilities side of balance sheet

d)

None of these

21.

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:

a)

Be shown in liabilities side of balance sheet

b)

Not be recorded

c)

Be transferred to debit side of Income and expenditure account

d)

Be shown in assets side of balance sheet

22.

At the beginning of the accounting period, cash in hand shows a balance of ₹ 5000. At the end of period, Receipts and payments account shows a closing balance of ₹ 10000 of cash in hand. Then

a)

₹ 5000 is surplus

b)

₹ 5000 is shown in balance sheet as asset

c)

₹ 10000 is balance of cash in hand shown in balance sheet

d)

Cash in hand is not shown in balance sheet as it appears at Receipts and payments account

23.

Capital of NPO is generally known as:

a)

Equity

b)

Accumulated fund

c)

Capital fund

d)

Financial reserve

24.

If income is ₹ 16000 and deficit debited to capital fund is ₹ 4300, the expenditure is:

a)

₹ 16000

b)

₹ 4300

c)

₹ 20300

d)

₹ 11700

25.

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:

a)

.₹ 53600

b)

₹ 66400

c)

₹ 55600

d)

₹ 64400

26.

Receipts and payments account is a

a)

Nominal A/c

b)

Real A/c

c)

Personal A/c

d)

Representative personal account

27.

Balance of receipts and payments account indicates the

a)

Loss incurred during the period

b)

Excess of income over expenditure of the period

c)

Total cash payments during the period

d)

Cash and bank balance as on the date

28.

Income and expenditure account is a

a)

Nominal A/c

b)

Real A/c

c)

Personal A/c

d)

Representative personal account

29.


Income and Expenditure Account is prepared to find out

a)

Profit or loss

b)

Cash and bank balance

c)

Surplus or deficit

d)

Financial position

30.

Which of the following should not be recorded in the income and expenditure account?

a)

Sale of old news papers

b)

Loss on sale of asset

c)

Honorarium paid to the secretary

d)

Sale proceeds of furniture

31.

Subscription due but not received for the current year is

a)

An asset

b)

A liability

c)

An expense

d)

An item to be ignored

32.

Legacy is a

a)

Revenue expenditure

b)

Capital expenditure

c)

Revenue receipt

d)

Capital receipt

33.

Donations received for a specific purpose is

a)

Revenue receipt

b)

Capital receipt

c)

Revenue expenditure

d)

Capital expenditure

34.

There are 500 members in a club each paying Rs.100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300. Find out the amount of subscription to be shown in the income and expenditure account.

a)

Rs. 50,000

b)

Rs. 50,200

c)

Rs. 49,900

d)

Rs. 49,800

35.

Receipts and payments account records receipts and payments of

a)

Revenue nature only

b)

Capital nature only

c)

Both revenue and capital nature

d)

None of the above

36.
Receipts and Payments Account is ______.
a)
Personal Account
b)
Real Account
c)
Nominal Account
d)
None of these
37.

Subscriptions received by a School for organising Annual function is treated as :

a)

Revenue Receipt

b)

Capital Receipt

c)

Asset

d)

Expenditure

38.

Subscription received in advance during an accounting year is:

a)

Income

b)

Liability

c)

Asset

d)

None of these

39.
Life Membership Fees is:
a)
Profit
b)
Asset
c)
Income
d)
Liability
40.
Donation received for a special purpose will be taken into:
a)
Income side of Income & Expenditure A/c
b)
Asset side of Balance Sheet
c)
Liabilities side of Balance Sheet
d)
None of these
41.
Sale of grass in the case of Sports Club is:
a)
Revenue Receipt
b)
Capital Receipt
c)
Profit
d)
Asset
42.
Subscriptions received in cash during year Rs 5,000. Received in advance for the next year Rs 300. Outstanding for the current year year Rs 400. The amount of subscriptions credited to the Income & Expenditure Account is:
a)
4600
b)
4300
c)
5100
d)
5700
43.
In the beginning of the accounting year, a club has Rs 18,000 assets; Rs 5,000 liabilities and Rs 1,800 outstanding subscriptions. The opening Capital Fund will be:
a)
11200
b)
18000
c)
24800
d)
14800
44.
Opening balance of Prize Fund of a Sports Club was Rs 5,400. Donation received to this fund Rs 4,800. Amount spent for prizes Rs 3,500 and Interest received on Sports Fund Investment Rs 400. What will be the closing balance of Sports Fund?
a)
1900
b)
10200
c)
10600
d)
7100
45.

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:

a)

9000

b)

8600

c)

8400

d)

8000

46.
Salary paid in the current year Rs 8,500. Outstanding salaries for the preivous year paid Rs 300. Salaries paid in advance last year related to current year year Rs 500. Prepaid salary for the next year Rs 250. Salary an expense for the current year will be Rs:
a)
7550
b)
8450
c)
7500
d)
6550
47.
Receipts and Payments Account reveals:
a)
Deficit
b)
Surplus
c)
Cash at the end of the year
d)
Financial Position
48.
Legacies received as specific donation should be treated as:
a)
Asset
b)
Capital Receipt
c)
Revenue Receipt
d)
None of these
49.
Receipts and Payments Account is prepare on the basis of which accounting:
a)
Cash basis
b)
Accrual basis
c)
Both of above
d)
None of these
50.
Income and Expenditure Account is prepared to know:
a)
Surplus/Deficit
b)
Net Profit/Loss
c)
Gross Profit/Loss
d)
Gain/Loss of NPO
51.
Entrance fees received in the current year Rs 16,000. It is decided that 40% of the Entrance fees to be capitalized. Which amount of Entrance fees to be shown an Income in the current year?
a)
16000
b)
6400
c)
9600
d)
None of these
52.

Excess of expenditure over to Governor's Party will be shown in the ______ side of ___________ Account:

a)

Payment side of Receipts & Payments A/c

b)

Debit side of Profit & Loss A/c

c)

Expenditure side of Income & Expenditure A/c

d)

None of these

53.
There is Building Fund of Rs 3,00,000 and expenses incurred for construction of Building Rs 1,80,000. Building an asset will be shown at Rs:
a)
3,00,000
b)
1,80,000
c)
4,80,000
d)
1,20,000
54.
Income and Expenditure Account is prepare on the basis of which accounting concept:
a)
Cash basis
b)
Accrual basis
c)
Both of above
d)
None of these
55.
A receipt, received from a deceased person on will is called______.
a)
Charity
b)
Donation
c)
Endowment Fund
d)
Legacies
e)
Honorarium
56.
Interest received on General Fund Investment Rs 4,500 in an accounting year will be shown in the ________side of ________.
a)
Liabilities side of Balance Sheet
b)
Expenditure side of Income & Expenditure A/c
c)
Income side of Income & Expenditure A/c
d)
Assets side of Balance Sheet
57.
Subscriptions received for the year 2019-20 Rs 2,30,000. Accrued subscription Rs 45,000 as on 31.03.20019. Received in advance Rs 30,000 as on 31.03.2020. Subscriptions for the year 2019-20 will be?
a)
2,30,000
b)
1,85,000
c)
1,55,000
d)
2,45,000
58.
Subscriptions received in the year 2019-20 Rs 2,30,000. Accrued subscription Rs 45,000 as on 31.03.2019. Received in advance Rs 30,000 as on 31.03.2020. Subscriptions for the year 2019-20 will be Rs:
a)
2,30,000
b)
2,00,000
c)
1,85,000
d)
1,55,000
59.

Subscriptions received in the year 2019-20 Rs 2,30,000. Accrued subscription Rs 45,000 as on 31.03.2019 in which received Rs 30,000 in the year 2019-20. Received in advance Rs 30,000 as on 31.03.2020. Subscriptions an income for the year will be Rs:

a)

1,55,000

b)

1,70,000

c)

2,00,000

d)

2,30,000

60.

Subscriptions received in the year 2019-20 Rs 2,30,000. Accrued subscription Rs 45,000 as on 31.03.2019 in which received Rs 30,000 in the year 2019-20. Received in advance Rs 30,000 for the year 2020-21. Accrued subscriptions as on 31.03.2020 Rs 35,000. Subscriptions an Income for the year 2019-20 will be Rs:

a)

1,90,000

b)

1,70,000

c)

1,55,000

d)

None of these

61.

Income and expenditure account records transaction of

a)

Revenue nature only

b)

Capital nature only

c)

Both revenue and capital nature

d)

None of these

62.

Subscription received in advance during the current year is

a)

An income

b)

An assets

c)

A liability

d)

None of these

63.

Donation received for a special purpose

a)

Should Be credited to Income and Expenditure Account

b)

Should be credited to separate account and shown in the Balance Sheet

c)

Should be shown on the assets side

d)

Should not be recorded at all.

64.

The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?

a)

Liability side of Balance Sheet

b)

Assets side of Balance Sheet

c)

Debit side of Income and Expenditure Account

d)

Credit side of Income and Expenditure Account

65.

Subscription received by a school for organising annual function is treated as

a)

Capital Receipt (i.e., Liability)

b)

Revenue Receipt (i.e., Income)

c)

Asset

d)

None of there

66.

The main objective of a Not for Profit Organisation is (a)   motive.

67.

Income and Expenditure Account reveals:

a)

Net Profit

b)

Cash in hand

c)

Surplus or Deficit

d)

Bank overdrraft

68.

Closing Balance of income and expenditure account is transferred to (a)   fund.

69.

Non-cash items are not recorded in:

a)

Balance Sheet

b)

Profit and Loss A/c

c)

Income and Expenditure A/c

d)

Receipt and Payment A/c

70.

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.

a)

True

b)

False

71.

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:

a)

₹ 65000 in debit side

b)

₹ 5000 in debit side

c)

₹ 65000 in credit side

d)

₹ 5000 in credit side

72.

XYZ charity club doesn’t maintain prize fund. Where would be the item ‘prize awarded of ₹ 5000 would be taken to:

a)

Debit side of Income and expenditure account

b)

Credit side of Income and expenditure account

c)

Liabilities side of balance sheet

d)

None of these

73.

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:

a)

Be shown in liabilities side of balance sheet

b)

Not be recorded

c)

Be transferred to debit side of Income and expenditure account

d)

Be shown in assets side of balance sheet

74.

At the beginning of the accounting period, cash in hand shows a balance of ₹ 5000. At the end of period, Receipts and payments account shows a closing balance of ₹ 10000 of cash in hand. Then

a)

₹ 5000 is surplus

b)

₹ 5000 is shown in balance sheet as asset

c)

₹ 10000 is balance of cash in hand shown in balance sheet

d)

Cash in hand is not shown in balance sheet as it appears at Receipts and payments account

75.

Capital of NPO is generally known as:

a)

Equity

b)

Accumulated fund

c)

Capital fund

d)

Financial reserve

76.

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:

a)

.₹ 53600

b)

₹ 66400

c)

₹ 55600

d)

₹ 64400

77.

Receipt and Payment A/c is a ______________ account.

a)

Personal A/C

b)

Real A/C

c)

Nominal A/C

d)

None of these

78.

Income and Expenditure A/C is a _______________ account.

a)

Personal A/C

b)

Real A/C

c)

Nominal A/C

d)

None of these

79.

Life membership fee received by an Institution is a _____________ receipt.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

80.

Subscription received by an institution is a ____________ receipt.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

81.

Payment of honorarium or remuneration is treated as ___________________ expenditure.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

82.

Entrance Fees is treated as ____________ receipt.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

83.

Subscription outstanding in case of a club are shown on the _______________ side of the Balance Sheet.

a)

Assets

b)

Liabilities

c)

Debit

d)

Credit

84.

Excess of expenditure over income is _______________ capital fund in the Balance Sheet.

a)

Added to

b)

Deducted from

c)

1 & 2 Both

d)

All of these

85.

Legacy receipt is a ____________________ Receipt.

a)

Capital

b)

Revenue

c)

None of these

86.

Legacy is shown on the ___________________.

a)

Income and Expenditure A/c

b)

Balance sheet

c)

None of these

87.

Donation received for specific purpose are

a)

Revenue nature

b)

Capital Nature

88.

Outstanding Subscription during the current year is :

a)

an Income

b)

an assets

c)

a liability

d)

None of these

89.

Subscription received in advance during the previous year is :

a)

Current year's Income

b)

Current year's Expenditure

c)

Current year's Assets

d)

Current year's Liability

90.

How much amount will be recorded in Income and Expenditure A/c if club has 400 members each paying an annual subscription of ₹100/-.

a)

₹4,00,000/-

b)

₹40,000/-

c)

₹4,000/-

d)

None of these

91.

How much amount will be recorded in Income and Expenditure A/c if club has 400 members each paying an annual subscription of ₹100/-. Outstanding subscription on current year 31st March, 2018 were 2,000/-.

a)

₹ 40,000/-

b)

₹ 38,000/-

c)

₹ 42,000/-

d)

None of these

92.

Income and expenditure account records transaction of

a)

Revenue nature only

b)

Capital nature only

c)

Both revenue and capital nature

d)

None of these

93.

Subscription received in advance during the current year is

a)

An income

b)

An assets

c)

A liability

d)

None of these

94.

Donation received for a special purpose

a)

Should Be credited to Income and Expenditure Account

b)

Should be credited to separate account and shown in the Balance Sheet

c)

Should be shown on the assets side

d)

Should not be recorded at all.

95.

The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?

a)

Liability side of Balance Sheet

b)

Assets side of Balance Sheet

c)

Debit side of Income and Expenditure Account

d)

Credit side of Income and Expenditure Account

96.

Subscription received by a school for organising annual function is treated as

a)

Capital Receipt (i.e., Liability)

b)

Revenue Receipt (i.e., Income)

c)

Asset

d)

None of there

97.

The main objective of a Not for Profit Organisation is (a)   motive.

98.

Income and Expenditure Account reveals:

a)

Net Profit

b)

Cash in hand

c)

Surplus or Deficit

d)

Bank overdrraft

99.

Closing Balance of income and expenditure account is transferred to (a)   fund.

100.

Non-cash items are not recorded in:

a)

Balance Sheet

b)

Profit and Loss A/c

c)

Income and Expenditure A/c

d)

Receipt and Payment A/c

101.

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.

a)

True

b)

False

102.

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:

a)

₹ 65000 in debit side

b)

₹ 5000 in debit side

c)

₹ 65000 in credit side

d)

₹ 5000 in credit side

103.

XYZ charity club doesn’t maintain prize fund. Where would be the item ‘prize awarded of ₹ 5000 would be taken to:

a)

Debit side of Income and expenditure account

b)

Credit side of Income and expenditure account

c)

Liabilities side of balance sheet

d)

None of these

104.

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:

a)

Be shown in liabilities side of balance sheet

b)

Not be recorded

c)

Be transferred to debit side of Income and expenditure account

d)

Be shown in assets side of balance sheet

105.

At the beginning of the accounting period, cash in hand shows a balance of ₹ 5000. At the end of period, Receipts and payments account shows a closing balance of ₹ 10000 of cash in hand. Then

a)

₹ 5000 is surplus

b)

₹ 5000 is shown in balance sheet as asset

c)

₹ 10000 is balance of cash in hand shown in balance sheet

d)

Cash in hand is not shown in balance sheet as it appears at Receipts and payments account

106.

Capital of NPO is generally known as:

a)

Equity

b)

Accumulated fund

c)

Capital fund

d)

Financial reserve

107.

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:

a)

.₹ 53600

b)

₹ 66400

c)

₹ 55600

d)

₹ 64400

108.

Receipt and Payment A/c is a ______________ account.

a)

Personal A/C

b)

Real A/C

c)

Nominal A/C

d)

None of these

109.

Income and Expenditure A/C is a _______________ account.

a)

Personal A/C

b)

Real A/C

c)

Nominal A/C

d)

None of these

110.

Life membership fee received by an Institution is a _____________ receipt.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

111.

Subscription received by an institution is a ____________ receipt.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

112.

Payment of honorarium or remuneration is treated as ___________________ expenditure.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

113.

Entrance Fees is treated as ____________ receipt.

a)

Capital

b)

Revenue

c)

1 & 2 Both

d)

None of these

114.

Subscription outstanding in case of a club are shown on the _______________ side of the Balance Sheet.

a)

Assets

b)

Liabilities

c)

Debit

d)

Credit

115.

Excess of expenditure over income is _______________ capital fund in the Balance Sheet.

a)

Added to

b)

Deducted from

c)

1 & 2 Both

d)

All of these

116.

Legacy receipt is a ____________________ Receipt.

a)

Capital

b)

Revenue

c)

None of these

117.

Legacy is shown on the ___________________.

a)

Income and Expenditure A/c

b)

Balance sheet

c)

None of these

118.

Donation received for specific purpose are

a)

Revenue nature

b)

Capital Nature

119.

Outstanding Subscription during the current year is :

a)

an Income

b)

an assets

c)

a liability

d)

None of these

120.

Subscription received in advance during the previous year is :

a)

Current year's Income

b)

Current year's Expenditure

c)

Current year's Assets

d)

Current year's Liability

121.

How much amount will be recorded in Income and Expenditure A/c if club has 400 members each paying an annual subscription of ₹100/-.

a)

₹4,00,000/-

b)

₹40,000/-

c)

₹4,000/-

d)

None of these

122.

How much amount will be recorded in Income and Expenditure A/c if club has 400 members each paying an annual subscription of ₹100/-. Outstanding subscription on current year 31st March, 2018 were 2,000/-.

a)

₹ 40,000/-

b)

₹ 38,000/-

c)

₹ 42,000/-

d)

None of these

123.

On what basis the receipts and payments account is prepared?

a)

Cash basis

b)

Credit basis

c)

Both

d)

None of these

124.

The amount or property received by a non - profit organization as stated by the will of a decreased person is commonly referred to as

a)

Donation

b)

Honorarium

c)

Legacy

d)

Endowment

125.

In non - profit organization, the sale of old newspapers is generally considered as a/an

a)

Revenue receipt

b)

Expenditure

c)

Income

d)

Capital receipt

126.

Some organisations are established for the purpose of rending services to the public without

a)

any profit motive

b)

any service

c)

both

d)

none of these

127.

Charitable institutions and educational institutions are the examples of

a)

Profit organisation

b)

Not - for - profit organisation

c)

both

d)

none of these

128.

If the donation is received without any specific condition, then it is a

a)

general donation

b)

specific donation

c)

legacy

d)

grants from government

129.

Capital fund also called as

a)

accumulated fund

b)

Special fund

c)

donation fund

d)

none of these

130.

Which of the following is generally considered as a non profit organisation?

a)

Charitable organisation

b)

Corporation

c)

Audit firms

d)

Insurance companies

131.

The receipt and payments account of a non - profit organisatisation is a

a)

Nominal account

b)

Real account

c)

Income and expenditure

d)

Financial statement

132.

Non profit organisations prepare all of the following accounts expect the

a)

Receipts and payments account

b)

Income and Expenditure account

c)

Balance sheet

d)

Income statement

133.

Purchase of building will be recorded in

a)

Income and Expenditure A/c Dr.side

b)

Income and Expenditure A/c Cr. side

c)

Balance Sheet -Asset side

d)

Balance Sheet - Liabilities side

134.

Rent received on room rented is recorded at

a)

Balance Sheet -Asset side

b)

Balance Sheet -Liabilities side

c)

Income and Expenditure A/c Dr.side

d)

Income and Expenditure A/c Cr.side

135.

Life time membership fees is recorded

a)

Balance sheet Asset side

b)

Balance Sheet Liabilities side

c)

Income & Expenditure A/c Dr.side

d)

Income & Expenditure A/c Cr.side

136.

There is no opening balance in Income and Expenditure A/c

a)

Agree

b)

Don't Agree

137.

When income is more then expenditure, it is

a)

Deficit

b)

Surplus

138.

Surplus is

a)

Added in Capital fund

b)

Deducted from Capital Fund

139.

Subscriptions will be recorded

a)

Balance Sheet -Asset side

b)

Balance Sheet - liabilities side

c)

Income & Expenditure Dr.side

d)

Income & Expenditure Cr. side

140.

Specific Donations is recorded

a)

Income & Expenditure Dr. side

b)

Income & Expenditure Cr.side

c)

Balance Sheet -Assets side

d)

Balance Sheet - Liabilities side

141.

Dividend received on preference shares

a)

Recorded in Balance Sheet Asset side

b)

Recorded in Balance sheet liabilities side

c)

Income and Expenditure A/c Cr.side

d)

Income and Expenditure A/c .Dr.side

142.

Specific Legacies are recorded at

a)

Incomes & Expenditure Dr.side

b)

Income & Expenditure Cr side

c)

Balance Sheet- Liabilities side

d)

Balance Sheet -Asset side

143.

Subscription received in advance during the current year is

a)

An income

b)

An assets

c)

A liability

d)

None of these

144.

Donation received for a special purpose

a)

Should Be credited to Income and Expenditure Account

b)

Should be credited to separate account and shown in the Balance Sheet

c)

Should be shown on the assets side

d)

Should not be recorded at all.

145.

The amount received for sale of sports material by a None -profit organisation is shown in which of the following

a)

Debit side of income and expenditure account

b)

Liability side of Balance Sheet

c)

Credit side of income and expenditure account

d)

Asset side of Balance sheet

146.

What is is the main motive of non-profit organisation

a)

Profit

b)

Service

c)

Both

d)

None of the above

147.

Income and Expenditure Account reveals:

a)

Net Profit

b)

Cash in hand

c)

Surplus or Deficit

d)

Bank overdrraft

148.

Non-cash items are not recorded in:

a)

Balance Sheet

b)

Profit and Loss A/c

c)

Income and Expenditure A/c

d)

Receipt and Payment A/c

149.

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?

a)

200

b)

250

c)

300

d)

350

150.

At the beginning of the accounting period, cash in hand shows a balance of ₹ 5000. At the end of period, Receipts and payments account shows a closing balance of ₹ 10000 of cash in hand. Then

a)

₹ 5000 is surplus

b)

₹ 5000 is shown in balance sheet as asset

c)

₹ 10000 is balance of cash in hand shown in balance sheet

d)

Cash in hand is not shown in balance sheet as it appears at Receipts and payments account

151.

If income is ₹ 16000 and deficit debited to capital fund is ₹ 4300, the expenditure is:

a)

₹ 16000

b)

₹ 4300

c)

₹ 20300

d)

₹ 11700

152.

Receipts and payments account records receipts and payments of

a)

Revenue nature only

b)

Capital nature only

c)

Both revenue and capital nature

d)

None of the above

153.

Donations received for a specific purpose is

a)

Revenue receipt

b)

Capital receipt

c)

Revenue expenditure

d)

Capital expenditure

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