Class 12 Accountancy Chapter 1 (Part 2) – Accounting for not for profit organisation MCQ Question and Answers – MCQs for Practice by Meenu Saini | May 25, 2022 | General | 0 comments Class 12 Accountancy Chapter 1 (Part 2) – Accounting for not for profit organisation MCQ Question Answers for CUET 2024 1. The funds raised by Non-Profit organisations are ______ to capital fund or general funda.Creditedb.Transferredc.Accumulatedd.Debited Loading... 2. _____of Receipt and payment account records the receipts.a.None of theseb.Debit Sidec.Credit Sided.Expenditure Side Loading... 3. The surplus generated in the form of excess of income over expenditure is Not_____amongst the membersa.Reservedb.Distributedc.Generatedd.Indebted Loading... 4. Final Accounts of Not-for – profit Organisation Consists of: -a.All of theseb.Receipt and Payment Accountc.Income and expenditure accountd.Balance sheet Loading... 5. Subscription Received in 2016 -17 Amounting to Rs. 26000 Of which Rs. 5000 Relates to 2015-16 and 3000 Relates to 2017-18 and Rs. 5000 Is still receivable for Year 2016-17. then Income of subscriptions Received for year 2016-17 will bea.25000b.24000c.23000d.26000 Loading... 6. Subscription Confined to ____ Will only be shown in Income and Expenditure Accounta.Previous Periodb.Current periodc.Succeeding Yeard.Preceding Year Loading... 7. Income and Expenditure Account reveals:a.Surplus or Deficitb.Gross Profit or lossc.Net profit or lossd.Cash in hand and Bank Loading... 8. The opening balance of a Specific Prize Fund was Rs.150000. During the year, donations received towards this fund amounted to Rs. 12000; amount spent on prizes was Rs.18500 and interest received on prize fund investment was Rs. 6500. The closing balance of Prize Fund will be:a.150000b.155500c.170000d.156500 Loading... 9. Not-for-Profit Organisation Prepare Financial statements and them submit it to the statutory authority called _____a.Registrar of Companiesb.Directors of Charitable Trustc.Registrar of Societiesd.Co-operative societies Loading... 10. Income and Expenditure Account is Similar to _______a.Receipts and payment accountb.Balance Sheetc.Both of the aboved.Profit and Loss Account Loading... 11. It is the amount received as per the will of a deceased person who may or may not specify the use of the amount: -a.Legaciesb.Will Amountc.Subscriptiond.Remuneration Loading... 12. Income earned on fund/Donations/Investments is Credited to______a.Surplus fundb.Respective fundc.Receipts and payment Accountd.Income and Expenditure Loading... 13. Subscription received in cash during the year amounted to Rs. 55000. Subscription outstanding at the end of previous year was Rs. 1,500 and outstanding at the end of current year was Rs. 2,000. Subscription received in advance for next year was Rs. 1800. The amount credited to Income & Expenditure Account will bea.54000b.53700c.55000d.54800 Loading... 14. Subscription received from members is to be Accounted on _______a.Debit side of Receipt and Payment Accountb.Credit side of Income and Expenditure Accountc.Assets side of Balance Sheetd.Credit side of Receipt and Payment Account Loading... 15. Which Of the Following is Incorrect?a.Sale of Scrap is a Capital Expenditure and to be recorded In Income and expenditure accountb.Capital fund is calculated as Assets-Liabilitiesc.Receipt and Payment Account is the summary of cash and bank transactionsd.Receipts and payment account does not show that any non-cash item like depreciation Loading... 16. Audit fees, Honorarium, Postage and courier, Advertisement, Sundry expenses Are shown In Respective accountsa.Expenditure Sideb.Receipt Sidec.Payment Sided.Income Side Loading... 17. Subscription paid by the members is shown as _____in the Receipt and Payment Account and as ____ in the Income and Expenditure Account.a.Receipt, Expenditureb.Income, Receiptc.Receipt, Incomed.Payment, Income Loading... 18. Payment of honorarium to A person is to be accounted asa.Capital Expenditureb.Revenue incomec.Revenue expenditured.Capital Income Loading... 19. Under not-for-profit organisation Accounts, excess of expenditure over income is called:a.Debtb.Capital Fundc.Surplusd.Deficit Loading... 20. _____ is prepared in order to check accuracy of ledger accountsa.Trial Balanceb.Balance sheetc.Profit and loss accountd.Balance Ledger Loading... Loading... Also See : Accountancy Part 1 Accountancy Chapter 1 (Part 1) – Accounting for share capital MCQs Accountancy Chapter 2 (Part 1) – Accounting for partnership: basic concepts MCQs Accountancy Chapter 3 (Part 1) – Financial statements of a company MCQs Accountancy Chapter 4 (Part 1) – Analysis of financial statements MCQs Accountancy Chapter 5 (Part 1) – Accounting ratios MCQs Accountancy Chapter 6 – Cash flow statement MCQs Accountancy Part 2 Accountancy Chapter 2 (Part 2) – Issue and redemption of debentures MCQs Accountancy Chapter 3 (Part 2) – Reconstitution of a partnership firm – admission of a partner MCQs Accountancy Chapter 4 (Part 2) – Retirement/death of a partner MCQs Accountancy Chapter 5 (Part 2) – Dissolution of partnership firm MCQs Submit a Comment Cancel replyYou must be logged in to post a comment.