Accounts of Not-For-Profit Organisation One Mark Questions

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:40:00 Hrs
Total Marks : 15
    15 x 1 = 15
  1. Receipts and payments account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  2. Receipts and payments account records receipts and payments of

    (a)

    Revenue nature only

    (b)

    Capital nature only

    (c)

    Both revenue and capital nature

    (d)

    None of the above

  3. Subscription due but not received for the current year is

    (a)

    An asset

    (b)

    A liability

    (c)

    An expense

    (d)

    An item to be ignored

  4. Legacy is a

    (a)

    Revenue expenditure

    (b)

    Capital expenditure

    (c)

    Revenue receipt

    (d)

    Capital receipt

  5. Donations received for a specific purpose is

    (a)

    Revenue receipt

    (b)

    Capital receipt

    (c)

    Revenue expenditure

    (d)

    Capital expenditure

  6. Which of the following is to be recorded in an income and expenditure account?

    (a)

    Prchase of a fixed asset

    (b)

    Capital expenditure incurred on a fixed asset

    (c)

    Profit on the sale of a fixed asset

    (d)

    Sale of a fixed a

  7. Subscription received but not yet earned is considered as a /an

    (a)

    Asset

    (b)

    Liability

    (c)

    Income

    (d)

    Expenditure

  8. Rs.10,000 received as to annual membership subscription. Out of this Rs.2,000 is pertaining to the previous accounting period whereas Rs.1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

    (a)

    Rs.10,000

    (b)

    Rs.9,000

    (c)

    Rs.12,000

    (d)

    Rs.8,000

  9. On what basis the receipts and payments account is prepared?

    (a)

    Cash basis

    (b)

    Credit basis

    (c)

    Both

    (d)

    None of these

  10. The amount or property received by a non - profit organization as stated by the will of a decreased person is commonly referred to as

    (a)

    Donation

    (b)

    Honorarium

    (c)

    Legacy

    (d)

    Endowment

  11. Some organisations are established for the purpose of rending services to the public without

    (a)

    any profit motive

    (b)

    any service motive

    (c)

    both

    (d)

    none of these

  12. Charitable institutions and educational institutions are the examples of

    (a)

    profit organisation

    (b)

    not-for-profit organisation

    (c)

    both

    (d)

    none of these

  13. If the donation is received without any specific condition, then it is a

    (a)

    general donation

    (b)

    specific donation

    (c)

    donation fund

    (d)

    none of these

  14. Capital fund also called as

    (a)

    accumulated fund

    (b)

    special fund

    (c)

    donation fund

    (d)

    none of these

  15. Which of the following is generally considered as a non profit organisation?

    (a)

    Charitable organisation

    (b)

    Corporation

    (c)

    Audit firms

    (d)

    Insurance companies

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