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

Published on: 06/11/2020

Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

Questions + Answers key

Take MCQ Accountancy Test

QB365 Student Learing Managemnet System

Std: 12th Standard - Accountancy

chapter: - Model Question paper

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Questions:

Multiple Choice Question

10 x 1 = 10

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

(a)

Charitable organisation

(b)

Corporation

(c)

Audit firms

(d)

Insurance companies

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

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

Income and Expenditure accounts show

(a)

cash available to an organization

(b)

dosing capital of an organization

(c)

cash available in the bank account

(d)

surplus or deficit for the current accounting period.

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

(a)

Asset

(b)

Liability

(c)

Income

(d)

Expenditure

Income and Expenditure account is based on _________

(a)

Cash accounting

(b)

Government accounting

(c)

Management accounting

(d)

Accrual accounting

There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

(a)

Rs. 50,000

(b)

Rs. 50,200

(c)

Rs. 49,900

(d)

Rs. 49,800

Legacy is a

(a)

Revenue expenditure

(b)