Quiz on Accounts for Not for Profit Concerns

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finish

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