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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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