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Accounting for Not-for-Profit-Organisations

Board » Bihar Board » Class 12th » English Medium » Commerce » Accountancy » L-1: Accounting for Not-for-Profit-Organisations

Objective Questions (MCQs)

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Multiple Choice
VVI
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ID- 4349
BSEB, 2015, 19

1. Specific donation is:

  • (A) Capital Receipt
  • (B) Revenue Receipt
  • (C) Asset
  • (D) None of these
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Multiple Choice
VVI
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ID- 4350
BSEB, 2018

2. Which of the following statements is correct?

  • (A) There is no difference between Cash Book and Receipts and Payments Account
  • (B) Receipts and Payments Account is prepared after Cash Book
  • (C) Receipts and Payments Account is maintained by Non-trading concern whereas Cash Book is maintained by Trading concern
  • (D) Receipts and Payments Account is prepared before Cash Book
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Multiple Choice
VVI
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ID- 4351
BSEB, 2016, 18

3. Receipts and Payments Account is a:

  • (A) Personal Account
  • (B) Real Account
  • (C) Nominal Account
  • (D) None of these
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Multiple Choice
VVI
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ID- 4352
BSEB, 2017

4. Income and Expenditure Account records transactions of:

  • (A) Capital nature only
  • (B) Revenue nature only
  • (C) (A) and (B) both
  • (D) None of these
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Multiple Choice
VVI
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ID- 4353
BSEB, 2009, 10, 11, 15, 16

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

  • (A) In Income and Expenditure A/c
  • (B) In Balance Sheet
  • (C) Receipts and Payments A/c
  • (D) None of these
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Multiple Choice
VVI
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ID- 4354
BSEB, 2013, 16, 18

6. Payment of honorarium to the secretary is treated as:

  • (A) Capital expenditure
  • (B) Revenue expenditure
  • (C) An income
  • (D) None of these
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Multiple Choice
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ID- 4355
BSEB, 2011

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

  • (A) An Income
  • (B) An Asset
  • (C) An Expense
  • (D) None of these
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Multiple Choice
VVI
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ID- 4356
BSEB, 2018

8. Income and Expenditure Account records:

  • (A) All cash receipts and payments
  • (B) All credit receipts and payments
  • (C) All cash and credit receipts and payments
  • (D) None of these
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Multiple Choice
Verified
ID- 4357
BSEB, 2018

9. Income and expenses related to the prize fund are shown by:

  • (A) Income and Expenditure Account
  • (B) Assets side of the Balance Sheet
  • (C) Liabilities side of the Balance Sheet
  • (D) Cash Account
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Multiple Choice
Verified
ID- 4358
BSEB, 2017

10. Donations received for a special purpose:

  • (A) Should be credited to Income and Expenditure Account
  • (B) Should be credited to a separate account and shown in the Balance Sheet
  • (C) Should be shown on the assets side of the Balance Sheet
  • (D) None of these
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Multiple Choice
VVI
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ID- 4359
BSEB, 2018

11. The main object of a non-profit organisation is:

  • (A) to earn the Profit
  • (B) To serve the Society
  • (C) To prepare profit and loss Account
  • (D) All the above
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VVI
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ID- 4360

12. Balance of Income and Expenditure Account shows:

  • (A) Cash in hand
  • (B) Capital Fund
  • (C) Net profit
  • (D) Excess of Income over Expenditure or vice versa
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Multiple Choice
VVI
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ID- 4361
BSEB, 2017

13. Capital fund is calculated:

  • (A) Income - Expenditure
  • (B) Assets - Liabilities
  • (C) Capital + Liabilities
  • (D) None of these
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Multiple Choice
VVI
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ID- 4362
BSEB, 2016, 18

14. Receipts and Payments Account usually indicates:

  • (A) Surplus
  • (B) Capital Fund
  • (C) Debit Balance
  • (D) Credit Balance
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Multiple Choice
VVI
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ID- 4363
BSEB, 2017

15. Out of the following items, which one is shown in the Receipts and Payments Account:

  • (A) Outstanding Salary
  • (B) Depreciation
  • (C) Life Membership Fees
  • (D) Accrued Subscription
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Multiple Choice
VVI
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ID- 4364
BSEB, 2016

16. Which of the following is not an income?

  • (A) Subscription
  • (B) Donation
  • (C) Sale of Ticket
  • (D) Endowment Fund
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Multiple Choice
ID- 4365

17. Receipts and Payments A/c is a summary of:

  • (A) All Capital Receipts and Payments
  • (B) All Revenue Receipts and Payments
  • (C) All Revenue and Capital Receipts and Payments
  • (D) None of the above
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VVI
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ID- 4366

18. Income and Expenditure Account is prepared by:

  • (A) Trading Organization
  • (B) Non-trading Organization
  • (C) Both (A) and (B)
  • (D) None of these
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Multiple Choice
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ID- 4367

19. Subscription received during the year ₹ 1,80,000; Subscription outstanding at the end of the year ₹ 20,000; Subscription received in advance at the end of the year ₹ 10,000. The amount of subscription to be credited to the Income and Expenditure Account will be:

  • (A) ₹ 2,10,000
  • (B) ₹ 1,90,000
  • (C) ₹ 1,70,000
  • (D) ₹ 2,00,000
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VVI
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ID- 4368

20. In a not-for-profit organisation, excess expenditure over income is called:

  • (A) Loss
  • (B) Profit
  • (C) Deficit
  • (D) Surplus
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Multiple Choice
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ID- 4369

21. In case a 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
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Multiple Choice
Verified
ID- 4370

22. Subscription received during the year ₹ 50,000; Subscription outstanding at the end of the year ₹ 8,000; Subscription outstanding at the beginning of the year ₹ 6,000. Net Income from subscription will be:

  • (A) ₹48,000
  • (B) ₹64,000
  • (C) ₹52,000
  • (D) ₹36,000
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VVI
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ID- 4371

23. All items of revenue in nature are shown in:

  • (A) Income and Expenditure A/c
  • (B) Balance Sheet
  • (C) (A) and (B) both
  • (D) None of these
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VVI
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ID- 4372

24. Subscriptions received in advance by a club are shown on ................ side of the balance sheet:

  • (A) Asset Side
  • (B) Liabilities Side
  • (C) Debit Side
  • (D) Credit Side
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Multiple Choice
Verified
ID- 4373

25. In case a specific fund is maintained, the expenses exceeding the amount of the fund 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
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Multiple Choice
VVI
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ID- 4374
BSEB, 2018

26. Which sequence is correct and appropriate?

  • (A) Cash book Receipts and Payments Account, Income and Expenditure Account, and Balance Sheet
  • (B) Receipts and Payments, Cash Book, Income and Expenditure Account, and Balance Sheet
  • (C) Income and Expenditure Account, Receipts and Payments Account, cash book and Balance Sheet
  • (D) None of these
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Multiple Choice
Verified
ID- 4375
BSEB, 2015

27. Lagacies should be treated as:

  • (A) A Liabilities
  • (B) A Revenue Receipts
  • (C) An Income
  • (D) None of these
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VVI
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ID- 4376
BSEB, 2015

28. Income and Expenditure Account is:

  • (A) Personal Account
  • (B) Real Account
  • (C) Nominal Account
  • (D) None of these
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VVI
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ID- 4377

29. Income and Expenditure Account is prepared:

  • (A) By Business Organisation
  • (B) By Industrial Organisation
  • (C) By not-for-profit Organisation
  • (D) By all Organisations
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VVI
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ID- 4378

30. Entrance fees, unless otherwise stated, is treated as:

  • (A) A Capital Receipt
  • (B) A Revenue Income
  • (C) A Liability
  • (D) None of these
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VVI
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ID- 4379

31. All Receipts of capital nature are shown in:

  • (A) Income and Expenditure Account
  • (B) Balance Sheet
  • (C) Profit and Loss account
  • (D) None of these
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VVI
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ID- 4380
BSEB, 2013, 16, 18

32. Outstanding Subscription is a:

  • (A) Income
  • (B) Asset
  • (C) (A) and (B) both
  • (D) None of these
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Multiple Choice
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ID- 4381

33. Which of the following is not a not-for-profit organisation?

  • (A) College
  • (B) Sports Club
  • (C) Maruti udyog
  • (D) Hospital
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VVI
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ID- 4382
BSEB, 2015

34. Subscription received by an organisation is:

  • (A) Capital Receipt
  • (B) Revenue Receipt
  • (C) Both (A) and (B)
  • (D) None of the above
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Multiple Choice
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ID- 4383

35. Which of the following is a non-profitable organisation?

  • (A) Jharkhand Academic Council
  • (B) Tata Steel
  • (C) Air India
  • (D) Jat Airways
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VVI
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ID- 4384

36. Life membership fee received by a club is:

  • (A) Revenue Receipt
  • (B) Capital Receipt
  • (C) (A) and (B) both
  • (D) None of these
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Multiple Choice
VVI
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ID- 4385
BSEB, 2010

37. The excess of assets over liabilities is a non-trading concern is termed as:

  • (A) Capital Fund
  • (B) Capital
  • (C) Profit
  • (D) Net Profit
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Multiple Choice
Verified
ID- 4386

38. All receipts from the sale of consumable items are treated as:

  • (A) Capital Receipts
  • (B) Revenue Receipts
  • (C) Both (A) and (B)
  • (D) None of these
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VVI
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ID- 4387
BSEB, 2017, 18

39. Subscription received in advance during the current year is:

  • (A) An income
  • (B) An asset
  • (C) A liability
  • (D) None of these
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VVI
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ID- 4388
BSEB, 2017

40. Subscription received by a school for organising annual function is treated as:

  • (A) Capital Receipt
  • (B) Revenue Receipt
  • (C) Assets
  • (D) Earned Income
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VVI
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ID- 4389
BSEB, 2016, 19

41. Income and Expenditure Account generally indicates:

  • (A) Surplus / Deficit
  • (B) Cash Balance
  • (C) Capital Fund
  • (D) Net Profit / Loss
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VVI
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ID- 4390

42. The sale of old newspapers is:

  • (A) Capital Receipt
  • (B) Revenue Receipt
  • (C) Assets
  • (D) Profit
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VVI
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ID- 4391

43. Property received as a result of the will of the deceased person is called:

  • (A) Legacy
  • (B) Honorarium
  • (C) Donation
  • (D) Subscription
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VVI
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ID- 4392
BSEB, 2018

44. Receipt and Payment Account is a summary of:

  • (A) Income and Expenditure A/c
  • (B) Cash Book
  • (C) Balance Sheet
  • (D) None of these
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VVI
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ID- 4393
BSEB, 2019

45. In Which of the following is not a not-for-profit organisation?

  • (A) School
  • (B) Hospital
  • (C) Club
  • (D) Partnership Firm
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