Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse (Question 1 to5)

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

1. Sources of Funds for Not-For-Profit Organisations?

(a) Donation
(b) Membership fees or Entrance fees
(c) Subscription

(d) Grants

(e) All of these

2. Features of Not-For-Profit Organisations….

(a) Set up by charitable society
(b) Main aim is provise service
(c) Separate entity from its members

(d) Managed by elected member

(e) All of these

3. Financial Statement of NPO organisation includes:

(a) Receipts and Payments A/C

(b) Income and Expenditure A/C

(c) Balance Sheet

(d) All of these

4. Recepits and Payments A/c is a…

(a) Real Account

(b) Nominal Account

(c) Persocal Account

(d) None of these

5. Income and Expenditure accounts is a…

(a) Real Account

(b) Nomincal Account

(c) Personal Account

(d) None of these

Answer – Question Number 1 To 5 

1.Answer- (e) All of these

2.Answer- (e) All of these

3.Answer- (d) All of these  

4.Answer- (a) Real Account

5.Answer- (b) Nomincal Account

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse (Question 6 to 10)

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

6. Not for profit organisation prepared…

(a) Trading A/c

(b) Profit and loss A/c

(c) Receipts and Payments A/c and Income and Expenditure A/c

(d) All of these.

7. Receipt and Payments acccount prepared on …

(a) Accrual Basis of accounting

(b) Cash basis of accounting

(c) Both (a) and (b)

(d) None of these.

8. Income and expenditure account prepared on…

(a) Accrual Basis of accounting

(b) Cash basis of accounting

(c) Both (a) and (b)

(d) None of these.

9. Capital receipts….

(a) Lifemembership fees

(b) Building fund

(c) Receipts from sale of fixed assets

(d) Endowment Fund

(e) All of these

10. Balance of income and expenditure account represents….

(a) Net profit

(b) Net loss

(c) Surplus or deficit

(d) All of these

Answer – Question Number 6 To 10 

6.Answer- (c) Receipts and Payments A/c and Income and Expenditure A/c

7.Answer- (b) Cash basis of accounting

8.Answer- (a) Accrual Basis of accounting

9.Answer- (e) All of these

10.Answer- (c) Surplus or deficit

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse (Question 11 to 15)

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

11. Subscription received in advene during the current year is…..

(a) an income

(b) an assets

(c) a Liability

(d) None of these

12. Receipts and payment accounts is prepared on the basis of….

(a) Trading account

(b) Cash Book

(c) Income and expenditure account

(d) None of these

13. Features of income and expenditure accounts are….

(a) It is a nomincal account

(b) It records income, expenditure and losses of revenue nature on a accrual basis of accounting.

(c) It does not have a opening balance.

(d) All of these

14. Features of receipts and payments….

(a) It is a real Account

(b) It is prepared as acsh basis of accounting

(c) It records all receipts and payments that are of revenue nature and capital nature

(d) All of these

15. If match funds ₹5,00,000 donation for match funds ₹ 4,00,000 match expenses ₹ 6,70,000 sales of match tickets ₹ 2,70,000. These are transformed to?

(a) Income and Expenditure A/c ₹ 40,000 (Dr.)

(b) Receipts and Payments A/c

(c) Assets side of balance sheet ₹ 13,00,000

(d) Liability side of balance sheet (11,70,000 – 6,70,000) ₹ 5,00,000

Answer – Question Number 11 To 15 

11.Answer- (c) a Liability

12.Answer- (b) Cash Book

13.Answer- (d) All of these

14.Answer- (d) All of these

15.Answer- (d) Liability side of balance sheet (11,70,000 – 6,70,000) ₹ 5,00,000

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse (Question 16 to 20)

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

16 Name of the account which shows the classified summary of the transactions of a cash book in a not for profit organisation….

(a) Receipts and payments account

(b) Income and expenditure Account

(c) Trading account

(d) Profit and loss account

17. Subscription received ₹ 5,50,000 during the year ended 31st March 2021….

Adddtitonal Information:
Subscription received in Advance on 31st March 2021 ₹ 20,000
Subscription outstanding for the year ended 31st March 2021 ₹ 15,000
Subscription received in Advance on 31st March 2020 ₹ 4000

What amount appears in Income and Expenditure A/c credit side.

(a) 5,50,000

(b) 5,50,000 – 20,000 + 15000 + 4000+ 5,49,000

(c) 5,45,000

(d) 5,51,000

18. Sports material consumed ? 

Stock of raw material                                       12,000                          9,000

Creditors for sports material                      1,20,000                          1,95,000

Material purchased during the year   2,40,000.

(a) 2,43,000

(b) 4,26,000

(c) 2,37,000

(d) None of these

19, Name the term used for denoting “Excess of Income over Expenditure” in case of not-for-profit organisation….

(a) Deficit
(b) Loss
(c) Profit
(d) Surplus
20. What will be the treatment of subscription received in advance during the current year Balance Sheet of a not-for-profit organisation?
(a) Recorded on the assets sides of the current year balance sheet
(b) Recorded on the liability side of the current year balance sheet
(c) Not recorded in balance sheet
(d) None of these

Answer – Question Number 16 To 20

16.Answer- (a) Receipts and payments account

17.Answer- (b) 5,50,000 – 20,000 + 15000 + 4000+ 5,49,000

18.Answer- (a) 2,43,000

19.Answer- (d) Surplus

20.Answer- (b) Recorded on the liability side of the current year balance sheet

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse (Question 21 to 25)

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

21.Life membership fees of is…
(A) Capital Receipts

(B) Revenue Receipts
(C) Both

(D) None of these

22.Income and Expenditure Account records…
(A) Capital terms

(B) Revenue items
(C) A and B both

(D) None of these

23.All receipts of capital nature are as shown in….
(A) Income and Expenditure A/c

(B) Balance Sheet
(C) P. & L. A/c

(D) None of these

24.The main objective of Not-for-Profit organisation is…
(A) To earn the Profit

(B) To serve the Society
(C) To Prepare Profit & Loss A/c

(D) All of the above

25.Subscription receives during the year Rs. 5, 00000….
Subscriptions outstanding at the end of the year Rs. 80, 000; Subscription outstanding at the beginning of the year Rs. 60,000 Net Income from subscription will be—
(A) 4,80,000

(B)  6,40,000
(C)  5,20,000

(D)  3,60,000

Answer – Question Number 21 To 25

21.Answer- (A) Capital Receipts

22.Answer-(C) A and B both

23.Answer- (B) Balance Sheet

24.Answer- (B) To serve the Society

25.Answer- (C)  5,20,000

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse (Question 26 to 30)

Financial Statement of Not-For-Profit Organisations MCQs with Solved answer 12 cbse

26. In case specific fund is maintained, the expenses exceeding the amount
of the funds, should be recorded on …
(A) Liabilities side of the Balance Sheet
(B) Debit side of the Income and Expenditure Account
(C) Credit side of the Income and Expenditure Account
(D) Assets side of the Balance sheet

27.ENDOWMENT FUND should be treated as …
(A) A Liability

(B) A Revenue Receipts
(C) An Income

(D) None of these

28.Receipts and Payments Account usually indicates…
(A) Surplus

(B) Capital Fund
(C) Debit Balance

(D) Credit Balance

29.Donation received for specific objective will be shown …
(A) In Income and Expenditure A/c

(B) On Liabilities side of B/S
(C) On Assets side of B/S

(D) In none of these

30.Which of the following is not a not-for-profit organisation
(A) College

(B) Sports Club
(C) BOI Bank

(D) Hospital

Answer – Question Number 26To 30

26.Answer- (B) Debit side of the Income and Expenditure Account

27.Answer- (A) A Liability

28.Answer- (C) Debit Balance

29.Answer- (B) On Liabilities side of B/S

30.Answer- (C) BOI Bank

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Also read : Fictitious Assets

 

 

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