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