1 . Receipt and payment Account is prepared on
a) Cash Basic.
b) Time Basis.
c) Accrual Basis.
d) Sales Basis.
Ans . a
2 . Not-for-Profit Organisations prepare
a) Income and Expenditure Account.
b) Trading and Profit and Loss Account.
c) Trading Account.
d) Both (a) and (c).
Ans . a
3 . The account which shows classified summary of transportations of a 'Cash Book' in a Not-for-Profit Organisation is called
a) Income and Expenditure Account.
b) Receipt and payment Account.
c) Profit and Loss Account.
d) Subscription Account.
Ans . b
4 . Which of the following statement is not true for Receipts and Payment Account?
a) It is a summary of the Cash Book.
b) It records receipt and payment of revenue nature only.
c) The receipt and payment may relate to current, preceding, or succeeding accounting periods.
Ans . b
5 . Income and Expenditure Account is prepared on
a) Cash Basis.
b) Accrual Basis.
c) Both (a) and (b).
d) Sales Basis.
Ans . b
6 . Income and Expenditure Account records:
a) Receipts and payment of Revenue and Capital nature both.
b) Income and Expenditure of Revenue nature only.
c) Expenditure of Capital nature only.
d) Receipt of Revenue nature only.
Ans . b
7 . Legacy Donation received by NPO to be used for specific purpose is accounted as
a) Revenue Receipt.
b) Capital Receipt.
c) an Asset.
d) is decided by the Management.
Ans . b
8 . Life Membership Fee received by NPO is accounted as
a) Revenue Receipt.
b) Capital Receipt.
c) an Asset.
d) Miscellaneous Receipt.
Ans . b
9 . Title of the account which shows Surplus/Deficit of NPO is
a) Cash Book .
b) Income and Expenditure Account .
c) Receipt and payment Account.
d) Balance Sheet.
Ans . b
10 . Identify revenue receipt from the following:
a) Donations for Building
b) Subscription
c) Life Membership Fees
d) Legacy donation for Library.
Ans . b
11 . General Donation received by NPO is shown in the
a) Credit side of Income and Expenditure Account.
b) Debit side of Income and Expenditure Account.
c) Liabilities side of Balance Sheet.
d) Assets side of the Balance Sheet.
Ans . a
12 . Specific Donation received by NPO is shown in the
a) Credit side of Income and Expenditure Account.
b) Debit side of Income and Expenditure Account.
c) Liabilities side of Balance Sheet.
d) As is decided by the management.
Ans . c
13 . Choose NPO from the following:
a) Reliance Industries Limited
b) Indian Hockey Federation
c) Infosys Ltd.
d) Private Hospital
Ans . b
14 . Subscription received during the year 2020 -- 21 : 1,50,000 rupees . Outstanding Subscription as on 31st March, 2020: 1,00,000 rupees . The amount shown as Subscription receipt will be
a) 50,000 rupees.
b) 1,50,000 rupees.
c) 1,00,000 rupees.
d) 1,25,000 rupees.
Ans . a
15 . Which of the following is not a capital receipt ?
a) Donation for tournament .
b) Donations for Building fund .
c) Life Membership Fee.
d) Entrance Fees
Ans . d
16 . Which of the following is not a revenue receipt ?
a) Donations for Tournament
b) Government Grants
c) Subscription
d) Entrance Fees
Ans . a
17 . Which of the following is a capital receipt ?
a) Subscriptions
b) Sale of used sports material
c) Endowment Fund
d) Entrance Fees.
Ans . c
18 . Out of the following, which is Unrestricted Fund ?
a) Annuity Fund
b) Sports Fund
c) Capital Fund
d) Endowment Fund
Ans . c
19 . Subscription received in advance during the current year is
a) an income.
b) an asset.
c) a liability.
d) None of these
Ans . c
20 . Jaipur Club has a prize fund of 6,00,000. It incurs expenses on prizes amounting to 5,20,000. The expenses should be
a) debited to Income and Expenditure Account.
b) presented on the assets side of the Balance Sheet.
c) debited to income and Expenditure Account and presented on the assets side of the Balance Sheet.
d) dedicated from the Prize Fund on the liabilities side of the Balance Sheet.
Ans . d
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