Q. 'Pooling of interest' is a method of_____________________
✅ Correct Answer: (A)
accounting of amalgamtion
Financial Accounting MCQs and Notes
Q. The fees are collected only once at the time of admission of a member, hence Entrance Fees should be treated as 'Revenue Receipt'.
✅ Correct Answer: (B)
False
Q. The primary motive of Charitable Trust organizations is to provide……………………. Sol:
✅ Correct Answer: (B)
Servive
Q. The not for profit concerns prohibit the payment of any ………………………to their
members
Sol:
members
Sol:
✅ Correct Answer: (A)
Dividend
Q. Not-for-profit organisations are based on…………………………theory. Sol:
✅ Correct Answer: (A)
Fund
Q. Subscription received by an organisation is: Sol:
✅ Correct Answer: (B)
Revenue Receipt
Q. Which of the following is not an income ? Sol:
✅ Correct Answer: (D)
Endowment Fund
Q. Subscriptions received in advance by a club are shown on……………..of the Balance
Sheet
Sol:
Sheet
Sol:
✅ Correct Answer: (B)
Liability Side
Q. Which of the following is not a not-for-profit organisation ? Sol:
✅ Correct Answer: (C)
Tata Automobiles
Q. All items of revenue in nature are shown in: Sol:
✅ Correct Answer: (A)
Income and Expenditure A/c