MCQ Quiz- Part 2

JavaScript isn't enabled in your browser, so this file can't be opened. Enable and reload.

MCQ Quiz- Part 2

This quiz will help you prepare for Unit 1 of class XII Accountancy :Financial Statements of Not-for-Profit Organizations . This is Part 2 of quiz .
There are 10 questions . You have to attempt all questions.
You can check your score after attempting quiz and can also see the correct and wrong answers with explanation.
You can attempt this quiz any number of time but the question and choices order will shuffle .
All the best . Do try Part 1 of MCQ also.

Main source of regular income for NPO's is *

1 point

subscription

entrance fees

specific donation

legacy

Which of the below statement about Receipt and Payment Account is false *

1 point

Receipt and Payment Account is a summary of all capital receipts and payments

It is the summary of the cash account. book.

Receipt and Payment Account is equivalent to profit and loss account.

Receipt and Payment Account does not differentiate between capital and revenue receipts.

Payment to an artist for giving performance at the club is an example of *

1 point

Salary

Legacy

Wages

Honorarium

Income & Expenditure account generally shows transactions of *

1 point

capital nature only

revenue nature only

both revenue and capital nature

income of only revenue nature and expenditure of revenue and capital nature:

The Balance Sheet as at 31st March, 2019 of Rotary Club shows total asset at Rs.5,99,500. If the creditors for Medicines and Rents is Rs.99,000 and Rs. 500 respectively and Surplus of the Club for the year was Rs. 50,000. The Opening Capital Fund was *

1 point

Rs.4,50,000

Rs.6,00,000

Rs.4,00,000

Rs.5,00,000

If there is a sports fund , the expense incurred on sports activities will be shown on *

1 point

debit side of income and expenditure account .

credit side of income and expenditure account .

Asset side of Balance sheet

Liability side of Balance sheet

Subscription received for the year ended 31st March 2016 is Rs 2,00,000 ; subscription received in advance on 31st march 2015 is Rs 15,000 and subscription received in advance on 31st March 2016 is Rs 18,000. There 200 members each paying Rs 1000 p.a for annual subscription. What will be the outstanding subscription for the year 2015- 2016 : *

1 point

Rs 5,000

Rs 2,000

Rs 4,000

Rs 3,000

Life Membership Fees in case of NPO *

1 point

is added to Capital fund

is paid regularly by members

is a revenue recipt

is subtracted from capital fund

Income and expenditure accounts show *

1 point

Surplus or deficit for the current accounting period

Cash available in the bank account

Cash available to an organization

Closing capital of an organization

Which of the following statement will not be true if a furniture of Not-for - Profit organisation with a book value of Rs. 800 is sold for Rs. 700, *

1 point

amount of Rs. 700 will be shown as receipt in Receipts and Payments Account

Rs. 100 on the expenditure side of the Income and Expenditure Account as a loss on sale of old asset

Furniture in Balance sheet will be reduced by Rs. 700

Furniture in Balance sheet will be reduced by Rs. 800

Submit

Clear form

This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy

Forms