Class 12 Accountancy Chapter 1 (Part 2) – Accounting for not for profit organisation MCQ Question and Answers – MCQs for Practice

1. Which Of the Following is Incorrect?

2. Subscription received from members is to be Accounted on _______

3. Income and Expenditure Account reveals:

4. Subscription paid by the members is shown as _____in the Receipt and Payment Account and as ____ in the Income and Expenditure Account.

5. 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:

6. The funds raised by Non-Profit organisations are ______ to capital fund or general fund

7. 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 be

8. Income earned on fund/Donations/Investments is Credited to______

9. Subscription Confined to ____ Will only be shown in Income and Expenditure Account

10. Audit fees, Honorarium, Postage and courier, Advertisement, Sundry expenses Are shown In Respective accounts

11. Not-for-Profit Organisation Prepare Financial statements and them submit it to the statutory authority called _____

12. The surplus generated in the form of excess of income over expenditure is Not_____amongst the members

13. It is the amount received as per the will of a deceased person who may or may not specify the use of the amount: -

14. Payment of honorarium to A person is to be accounted as

15. Under not-for-profit organisation Accounts, excess of expenditure over income is called:

16. _____of Receipt and payment account records the receipts.

17. Final Accounts of Not-for – profit Organisation Consists of: -

18. _____ is prepared in order to check accuracy of ledger accounts

19. Income and Expenditure Account is Similar to _______

20. 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 be