Fill in the blank:

1) Not for Profit Organization never is engaged in …………… activities.
Ans: Not for Profit Organization never is engaged in trading activities.

2) Not for Profit organization is called ……….. organization.
Ans: Not for Profit organization is called service organization.

3) Receipts and Payments Account falls under the category of ……… Account. 
Ans: Receipts and Payments Account falls under the category of Real Account.

4) In Receipts and Payments Account the summary of ……….. transactions are recorded. 
Ans: In Receipts and Payments Account the summary of Cash transactions are recorded. 

5) Income and Expenditure Account is similar to the …………… account of Trading Concern. 
Ans: Income and Expenditure Account is similar to the Profit and loss account of Trading Concern.

6) Credit side of Receipts and Payments Account shows cash …………. 
 Ans: Credit side of Receipts and Payments Account shows cash payments
7) Income and Expenditure Account is a …………… Account 
Ans: Income and Expenditure Account is a Nominal Account 

8) Mumbai University prepares …………………… Account instead of a Profit and Loss account. 
Ans: Mumbai University prepares Income and expenditure Account instead of a Profit and Loss account. 

9) Subscription received from the members is considered as ………. receipts. 
Ans: Subscription received from the members is considered as revenue receipts.

10) The transactions recorded in Income and Expenditure Account are related only to the ………….. year.
Ans: The transactions recorded in Income and Expenditure Account are related only to the Current year.