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

  • 1. 
    In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:

  • Liabilities side of the Balance Sheet
  • Debit side of the Income and Expenditure Account
  • Credit side of the Income and Expenditure Account
  • Assets side of the Balance Sheet

  • 2. 
    Income and Expenditure Account is:

  • Personal Account
  • Real Account
  • Nominal Account
  • None of these

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

  • Income and Expenditure A/c
  • Balance Sheet
  • Receipts and Payments A/c
  • None of these

  • 4. 
    Receipts and Payments Account is a :

  • Personal Account
  • Real Account
  • Nominal Account
  • None of these

  • 5. 
    Income and Expenditure Account is prepared :

  • By Business Organisation
  • By Industrial Organisation
  • By Not-for-Profit Organisation
  • By All Organisations

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

  • Capital expenditure
  • Revenue expenditure
  • An Income

  • 7. 
    Outstanding subscription is a:

  • Income
  • Asset
  • (a) and (b) both
  • None of these

  • 8. 
    Legacies should be treated as :

  • A Liability
  • A Revenue Receipt
  • An Income
  • None of these

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

  • Capital Fund
  • Capital
  • Profit
  • Net Profit

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

  • An Income
  • An Asset
  • An Expense
  • None of these
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