Chapter 2: Accounts of not for profit Organisation April 24, 2024 Maven Leave a Comment Welcome to the Chapter 2: Accounts of not–for–profit organisation Quiz! This quiz is based on the book back questions. Name Email 1. Income and Expenditure Account is prepared to find out Profit or loss Cash and bank balance Surplus or deficit Financial position None 2. There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300. Find out the amount of subscription to be shown in the income and expenditure account. Rs. 50,000 Rs. 50,200 Rs. 49,900 Rs. 49,800 None 3. Donations received for a specific purpose is Revenue receipt Capital receipt Revenue expenditure Capital expenditure None 4. Subscription due but not received for the current year is An asset A liability An expense An item to be ignored None 5. Balance of receipts and payments account indicates the Loss incurred during the period Excess of income over expenditure of the period Total cash payments during the period Cash and bank balance as on the date None 6. Income and expenditure account is a Nominal A/c Real A/c Personal A/c Representative personal account None 7. Receipts and payments account is a Nominal A/c Real A/c Personal A/c Representative personal account None 8. Legacy is a Revenue expenditure Capital expenditure Revenue receipt Capital receipt None 9. Receipts and payments account records receipts and payments of Revenue nature only Capital nature only Both revenue and capital nature None of the above None 10. Which of the following should not be recorded in the income and expenditure account? Sale of old news papers Loss on sale of asset Honorarium paid to the secretary Sale proceeds of furniture None Time's up Related Posts:Chapter 12: Final Accounts of Sole Proprietors – IChapter 13: Final Accounts of Sole Proprietors – IIChapter 1: Accounts from Incomplete RecordsChapter 4: Goodwill in Partnership Accounts
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