CBSE Class 12 Accountancy Accounting for Not for Profit Organisation Quiz 3

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CBSE › Class 12 › Accountancy › Accounting for Not for Profit Organisation

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1. 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

2. Income and Expenditure Account is:

A Personal Account B Real Account C Nominal Account D None of these

3. Life Membership Fees received by a club is shown in :

A Income and Expenditure A/c B Balance Sheet C Receipts and Payments A/c D None of these

4. Receipts and Payments Account is a :

A Personal Account B Real Account C Nominal Account D None of these

5. Income and Expenditure Account is prepared :

A By Business Organisation B By Industrial Organisation C By Not-for-Profit Organisation D By All Organisations

6. Payment of honorarium to secretary is treated as :

A Capital expenditure B Revenue expenditure C An Income

7. Outstanding subscription is a:

A Income B Asset C (a) and (b) both D None of these

8. Legacies should be treated as :

A A Liability B A Revenue Receipt C An Income D None of these

9. The excess of assets over liabilities in non-trading concerns is termed as:

A Capital Fund B Capital C Profit D Net Profit

10. For a non-trading concern, honorarium paid is:

A An Income B An Asset C An Expense D None of these

Practice more on Accounting for Not for Profit Organisation

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