Quiz on Accounts for Not for Profit Concerns
#1. An income and expenditure account and a balance sheet prepared as final accounts by ………….
#2. Subscription received in advance during the accounting year is …………….. (Mar.08, Sept 08)
#3. For a sports club, expenditure on the purchase of sports machinery/equipment is the …………..
#4. Income and Expenditure account includes items of ………… nature only.
#5. Not for profit concern prepares ……….. account instead of Profit and Loss to know the result.
#6. Debit balance of income and expenditure account shows……………………..
#7. A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called …………. (Mar. 13)
#8. ………… is prepared to know the net worth of the Not for profit concern on a particular date.
#9. Not for profit concern do not prepare …………..
#10. Purchase of stationery is a ……………. expenditure. (Oct. 14)
#11. …………….. is an example of Not for profit organization.
#12. Not for profit concerns are also called ………… organizations.
#13. Outstanding subscription at the end of the accounting year represents …………
#14. Expenditure on purchase of building is a …………………… expenditure
#15. The main objective of Not for profit concerns is ………………
#16. Subscriptions outstanding for the current year will ……………. subscription in income and expenditure account.
#17. The closing balance of Receipts and Payments account usually represent ………………
#18. Excess of income over expenditure is termed as ……………….
#19. Which of the following items will not appear in the Balance sheet of a club?
#20. Income and expenditure is ……….. account.
#21. Not for profit concern render ………… services to public at large.
#22. ……….. is the base for preparing Final accounts of a Not for profit concerns.
#23. Usually ………… is a major source of revenue income for Not for profit concerns. (July 17)
#24. Donation for scholarship fund is ……………
Results
