Financial Accounting

Q 1. The primary motive of Charitable Trust organizations is to provide……………………. Sol:

(A) Fund
(B) Servive
(C) Profit
(D) Loss
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Q 2. The not for profit concerns prohibit the payment of any ………………………to their
members
Sol:

(A) Dividend
(B) Loss
(C) Assets
(D) Expenditure
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Q 3. Not-for-profit organisations are based on…………………………theory. Sol:

(A) Fund
(B) Surplus
(C) Profit
(D) Expenses
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Q 4. Subscription received by an organisation is: Sol:

(A) Capital Receipt
(B) Revenue Receipt
(C) Both (a) and (b)
(D) None of the above
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Q 5. Which of the following is not an income ? Sol:

(A) Subscription
(B) Donation
(C) Sale of ticket
(D) Endowment Fund
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Q 6. Subscriptions received in advance by a club are shown on……………..of the Balance
Sheet
Sol:

(A) Assets Side
(B) Liability Side
(C) Credit Side
(D) Debit Side
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Q 7. Which of the following is not a not-for-profit organisation ? Sol:

(A) College
(B) Sports Club
(C) Tata Automobiles
(D) Hospital
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Q 8. All items of revenue in nature are shown in: Sol:

(A) Income and Expenditure A/c
(B) Balance Sheet
(C) (a) and (b) both
(D) None of these
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Q 9. All receipts of capital nature are shown in : Sol:

(A) Income and Expenditure A/c
(B) Balance Sheet
(C) P. & L. A/c
(D) None of these
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Q 10. Life membership fee received by a club is: Sol:

(A) Revenue Receipt
(B) Capital Receipt
(C) (a) and (b)
(D) None of these
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