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12th Standard Accounts - Accounts of Not-For-Profit Organisation English Medium Free Online Test One Mark Questions 2020 - 2021

12th Standard

    Reg.No. :
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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    10 x 1 = 10
  1. Receipts and payments account is a

    (a)

    Nominal A/c

    (b)

    Real A/c

    (c)

    Personal A/c

    (d)

    Representative personal account

  2. Balance of receipts and payments account indicates the

    (a)

    Loss incurred during the period

    (b)

    Excess of income over expenditure of the period

    (c)

    Total cash payments during the period

    (d)

    Cash and bank balance as on the date

  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. Donations received for a specific purpose is

    (a)

    Revenue receipt

    (b)

    Capital receipt

    (c)

    Revenue expenditure

    (d)

    Capital expenditure

  5. 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

  6. 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

  7. In non - profit organization, the sale of old newspapers is generally considered as an

    (a)

    Revenue receipt

    (b)

    Expenditure

    (c)

    Income

    (d)

    Capital receipt

  8. Charitable institutions and educational institutions are the examples of

    (a)

    profit organisation

    (b)

    not-for-profit organisation

    (c)

    both

    (d)

    none of these

  9. _______is prepared to find out the surplus or deficit pertaining to a particular year.

    (a)

    Income and Expenditure account

    (b)

    Receipts and Payment account

    (c)

    Trading and Profit and loss account

    (d)

    Balance sheet

  10. List I List II
    (i) Subscription 1. Revenue expenditure 
    (ii) Life membership fee  2. Capital expenditure
    (iii) Honorarium 3. Capital receipts
    (iv) Purchase of sports equipment 4. Revenue receipts
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    2 3 4 1
    (c)
    (i) (ii) (iii) (iv)
    1 4 2 1
    (d)
    (i) (ii) (iii) (iv)
    4 3 1 2

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