Financial Statements of Not-for-Profit Organisations (N.P.O.) MCQs with answers
Dear candidates you will find MCQ questions of 12th Class - Accountancy - Part 1: Not-for-Profit Organisation and Partnership Accounts | Chapter: Financial Statements of Not-for-Profit Organisations (N.P.O.) here. Learn these questions and prepare yourself for coming examinations. You can check the right answer of any question by clicking the option or by clicking view answer button.
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Q. Income and Expenditure Account records transactions of:
✅ Correct Answer: (B)
Revenue nature only
Q. The amount of ‘Subscription received from members’ by a Non-profit organi sation is shown in which of the following?
✅ Correct Answer: (C)
Credit side of Income and Expenditure Account
Q. Donation received for a special purpose :
✅ Correct Answer: (C)
Should be credited to separate account and shown in the Balance Sheet
Q. Subscription received by a school for organising annual function is treated as:
✅ Correct Answer: (D)
Capital Receipt (i.e., Liability)
Q. The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?
✅ Correct Answer: (A)
Credit side of Income and Expenditure Account
Q. Out of following items, which one is shown in the Receipts and Payments Account?
✅ Correct Answer: (B)
Life Membership Fees
Q. Not-for-profit organisations prepare :
✅ Correct Answer: (C)
Income and Expenditure Account
Q. The Receipts and Payments Account is a summary of:
✅ Correct Answer: (A)
Cash Receipts and Payments
Q. Out of the following items, which is shown in the ‘Receipts and Payments A/c’ of a not for profit organisation?
✅ Correct Answer: (D)
All of the above
Q. Out of the following items, which is not shown in the ‘Receipts and Payments A/c’ of a not for profit organisation? ‘
✅ Correct Answer: (B)
Subscription due
Q. Out of the billowing items, which one is shown in the ‘Receipts and Payments Account” of a not for profit organisation?
✅ Correct Answer: (D)
None of these
Q. If a general donation of smaller amount is received by a school, that donation will be shown in :
✅ Correct Answer: (B)
Debit side of Receipt and Payment A/c
Q. If a General Donation of huge amount is received by a school, that donation is treated as :
✅ Correct Answer: (B)
Capital Receipt (Liability)
Q. Salary paid in cash during the current year was ₹30,000; Outstanding salary at the end of previous year was ₹2,000 and outstanding salary at the end of current year was ₹3,000. Salary paid in advance during current year for next year was ₹2,600. The amount debited to Income and Expenditure Account will be :
✅ Correct Answer: (D)
₹28,400
Q. Salary paid in cash during the current year was ₹80,000; Outstanding salary at the end was ₹4,000; Salary paid in advance last year pertaining to the current year was ₹3,200; paid in advance during current year for next year was ₹5,000. The amount debited to Income and Expenditure Account will be:
✅ Correct Answer: (B)
₹82,200
Q. The opening balance of Prize Fund was ₹32,800. During the year, donations reoeived towards this fund amounted to ₹15,400; amount spent on prizes was 712,300 and interest received on prize fund investment was ₹4,000. The closing balance of Prize Fund will be :
✅ Correct Answer: (B)
₹39,900
Q. There are 200 members, each paying an annual subscription of 7 1,000; subscription received during the year 7 1,95,000; subscriptions received in advance at the beginning of the year 73,000 and at the end of the year 72,000. – Amount shown in Income & Expenditure Account will be :
✅ Correct Answer: (A)
₹2,00,000
Q. Credit side balance in Income & Expenditure Account reveals :
✅ Correct Answer: (A)
Excess of income over expenditure
Q. Source of income for a not-for-profit organisation is :
✅ Correct Answer: (D)
All of the above
Q. Which of the following represent capital receipt:
✅ Correct Answer: (B)
Life Membership Subscription
Q. Amount received from sale of grass by a club should be treated as :
✅ Correct Answer: (C)
Revenue Receipt
Q. The amount received for sale of old sports materials by a Non-profit organisation is shown in which of the following?
✅ Correct Answer: (B)
Credit side of Income and Expenditure Account
Q. If there is a ‘Match Fund’, then match expenses and incomes are transferred to:
✅ Correct Answer: (C)
Liabilities side of Balance Sheet
Q. Subscription received in advance during the current year is :
✅ Correct Answer: (A)
a liability
Q. Subscription received in cash during the year amounted to ₹40,000; subscription outstanding at the end of previous year was ₹1,500 and outstanding at the end of current year was ₹2,000. Subscription received in advance for next year was ₹800. The amount credited to Income & Expenditure Account will be:
✅ Correct Answer: (C)
₹39,700
Q. Subscription received in cash during the year amounted to ₹5,00,000; subscription outstanding at the end of previous year was ₹20,000 and outstanding at the end of current year was ₹25,000. Subscription received in advance for next year was ₹8,000 and received in advance during previous year was ₹7,000. The amount credited to Income & Expenditure Account will be :
✅ Correct Answer: (D)
₹5,04,000
Q. Subscription received in cash during the year amounted to 760,000; subscription received in advance for next year was 73,000 and received in advance during previous year was 72,000. Subscription in arrear at the end of current year was 75,400. The amount credited to Income & Expenditure Account will be :
✅ Correct Answer: (A)
₹64,400
Q. Subscription received in cash during the year amounted to ₹3,00,000; subscription received in advance for next year was ₹10,000 and received in advance during previous year was ₹8,000. Subscription in arrear at the end of previous year was ₹18,000 and subscription in arrear at the end of current year was ₹12,000. The amount credited to Income & Expenditure Account will be :
✅ Correct Answer: (B)
₹2,92,000
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