Q. Which of the following is a non-profitable organisation ? Sol:
✅ Correct Answer: (A)
Jharkhand Academic Council
Financial Accounting MCQs and Notes
Q. In not-for-profit organisation, excess of expenditure over income is called : Sol:
✅ Correct Answer: (C)
Deficit
Q. Donation received for a special purpose: Sol:
✅ Correct Answer: (B)
Should be credited to a separate account and shown in the Balance Sheet
Q. Income and Expenditure Account generally indicates: Sol:
✅ Correct Answer: (A)
Surplus/ deficit
Q. Receipts and Payments Account usually indicates: Sol:
✅ Correct Answer: (C)
Debit Balance
Q. Property received as a result of the will of the deceased person is called: Sol:
✅ Correct Answer: (A)
Lagacy
Q. Balance of Income and Expenditure Account shows: Sol:
✅ Correct Answer: (D)
Excess of Income over expenditure or vice versa
Q. Subscription received in advance during the current year is: Sol:
✅ Correct Answer: (C)
A liability
Q. Capital fund is calculated: Sol:
✅ Correct Answer: (B)
Assets Liabilities
Q. All receipts from sale of consumable items are treated as: Sol:
✅ Correct Answer: (B)
Revenue Receipts