Quiz on Accounts for Not for Profit Concerns

#1. Expenditure on purchase of building is a …………………… expenditure

Capital

recurring

general

revenue

#2. The main objective of Not for profit concerns is ………………

to give service

to carry any trading activity

to make profit

to carry manufacturing activity

#3. Not for profit concern prepares ……….. account instead of Profit and Loss to know the result.

Receipts and payment

Cash

Trading

Income and expenditure

#4. Purchase of stationery is a ……………. expenditure. (Oct. 14)

long-term

deferred income

Capital

revenue

#5. Subscription received in advance during the accounting year is …………….. (Mar.08, Sept 08)

a liability

An asset

an expense

An income

#6. Not for profit concern render ………… services to public at large.

individual

social

group

commercial

#7. Not for profit concerns are also called ………… organizations.

Trading

Profit-making

Commercial

Service

#8. Outstanding subscription at the end of the accounting year represents …………

an expenditure

capital fund

Liability

an asset

#9. ………… is prepared to know the net worth of the Not for profit concern on a particular date.

Income and expenditure Account

Trial balance

Balance sheet

Receipts and Payments Account

#10. An income and expenditure account and a balance sheet prepared as final accounts by ………….

Not for profit concerns

capital fund

trading concerns

commercial organization

#11. ……….. is the base for preparing Final accounts of a Not for profit concerns.

Trial balance

Members’ Register

Cash book

Receipts and Payment account

#12. Debit balance of income and expenditure account shows……………………..

profit

Excess of income and expenditure

Surplus

Deficit

#13. Which of the following items will not appear in the Balance sheet of a club?

Entrance fees paid by new members

Subscriptions received in advance

Special donations received during the year

Subscriptions due for the year

#14. Subscriptions outstanding for the current year will ……………. subscription in income and expenditure account.

be added to

not be shown in

not have effect on

Be deducted from

#15. Not for profit concern do not prepare …………..

receipts and payments A/c

income and expenditure A/c

balance sheet

Trading A/c

#16. Income and Expenditure account includes items of ………… nature only.

non-recurring

uncommon

revenue

Capital

#17. …………….. is an example of Not for profit organization.

Charitable organization

Sole trading concern

Co-operative organization

Partnership

#18. Donation for scholarship fund is ……………

Capital Expenditure

Revenue Expenditure

Revenue receipt

Capital Receipt

#19. For a sports club, expenditure on the purchase of sports machinery/equipment is the …………..

General expenditure

Capital expenditure

Revenue expenditure

Recurring expenditure

#20. Excess of income over expenditure is termed as ……………….

Profit

Surplus

Deficit

Loss

#21. Income and expenditure is ……….. account.

real

personal

Capital

nominal

#22. A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called …………. (Mar. 13)

Subscription

Capital Fund

Donation

Legacy

#23. The closing balance of Receipts and Payments account usually represent ………………

surplus

deficit

cash and bank balance

Closing stock

#24. Usually ………… is a major source of revenue income for Not for profit concerns. (July 17)

subscription

legacies

donations

Finish

Results

Quiz on Accounts for Not for Profit Concerns

#1. Expenditure on purchase of building is a …………………… expenditure

#2. The main objective of Not for profit concerns is ………………

#3. Not for profit concern prepares ……….. account instead of Profit and Loss to know the result.

#4. Purchase of stationery is a ……………. expenditure. (Oct. 14)

#5. Subscription received in advance during the accounting year is …………….. (Mar.08, Sept 08)

#6. Not for profit concern render ………… services to public at large.

#7. Not for profit concerns are also called ………… organizations.

#8. Outstanding subscription at the end of the accounting year represents …………

#9. ………… is prepared to know the net worth of the Not for profit concern on a particular date.

#10. An income and expenditure account and a balance sheet prepared as final accounts by ………….

#11. ……….. is the base for preparing Final accounts of a Not for profit concerns.

#12. Debit balance of income and expenditure account shows……………………..

#13. Which of the following items will not appear in the Balance sheet of a club?

#14. Subscriptions outstanding for the current year will ……………. subscription in income and expenditure account.

#15. Not for profit concern do not prepare …………..

#16. Income and Expenditure account includes items of ………… nature only.

#17. …………….. is an example of Not for profit organization.

#18. Donation for scholarship fund is ……………

#19. For a sports club, expenditure on the purchase of sports machinery/equipment is the …………..

#20. Excess of income over expenditure is termed as ……………….

#21. Income and expenditure is ……….. account.

#22. A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called …………. (Mar. 13)

#23. The closing balance of Receipts and Payments account usually represent ………………

#24. Usually ………… is a major source of revenue income for Not for profit concerns. (July 17)

Results

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