Select the most appropriate alternative from those given below.

1) Not for Profit Concern renders __________ services to public at large.
a) Commercial
b) Social
c) Individual
d) Group
Ans: b) Social

2) DONATION for SCHOLARSHIP Fund is ………….
a) Capital Receipt    
b) Revenue Receipt
c) Capital Expenditure
d) Revenue Expenditure
Ans: a) Capital Receipt 

3) Income and Expenditure Account is a ________ Account
a) Capital 
b) Real
c) Personal
d) Nominal
Ans: d) Nominal

4) Outstanding subscription at the end of the Accounting Year represents _______ .
a) Liabilit
b)an expenditure 
c)an asset
d)capital fund
Ans: c) an asset 

5) Subscription received in advance during the accounting year is_______ .
a) An Income
b) An Expense
c) An Asset
d) A Liability
Ans :d) A Liability

6) Excess of Income over Expenditure is termed as ___________ Deficit
a) Profit
b) Surplus
c) Loss
Ans :b) Surplus

7) Not for Profit Concerns prepares _________ account instead of Profit and Loss account to know the result.
a) Trading
b) Income and Expenditure
c) Cash
d) Receipt and Payments
Ans: b) Income and Expenditure

8) The closing balance of Receipts and Payments account usually represent _______ .
a) Closing Stock
b) Cash and Bank Balance
c) Surplus
d) Deficit
Ans:b) Cash and Bank Balance

9) Not for Profit Organization is also called __________ organization.
a) Service
b) Trading
c) Profit Making
d) Commercial
Ans:a) Service

10) Expenditure on Purchase of Building is a ________ Expenditure.
a) Capital
b) Revenue
c) General
d) Recurring
Ans: a) Capital