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