CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 1 – Accounting for Not for Profit Organisation
Every year CBSE conducts board exams for 12th standard. These exams are very competitive to all the students. So our website provides online tests for all the 12th subjects. These tests are also very effective and useful for those who preparing for competitive exams like NEET, JEE, CA etc. It can boost their preparation level and confidence level by attempting these chapter wise online tests.
These online tests are based on latest CBSE Class 12 syllabus. While attempting these our students can identify the weak lessons and continuously practice those lessons for attaining high marks. It also helps to revise the NCERT textbooks thoroughly.
CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 1 – Accounting for Not for Profit Organisation
Question 1.
Capital fUnd is calculated:
(a) Income-Expenditure
(b) Assets Liabilities
(c) Capital + Liabilities
(d) None of these
Answer
Answer: (b) Assets Liabilities
Question 2.
Property received as a result of the will of the deceased person is called:
(a) Legacy
(b) Honorarium
(c) Donation
(d) Subscription
Answer
Answer: (a) Legacy
Question 3.
Subscription redeved in advance during the current year is:
(a) An income
(b) An Asset
(c) A liability
(d) None of these
Answer
Answer: (c) A liability
Question 4.
Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income from subscription will be :
(a) 48,000 Rs.
(b) 64,000 Rs.
(c) 52,000 Rs.
(d) 36,000 Rs.
Answer
Answer: (c) 52,000 Rs.
Question 5.
Balance of Income and Expenditure Account shows:
(a) Cash in hand
(b) Capital Fund
(c) Net Profit
(d) Excess of Income over Expenditure or Vice Versa
Answer
Answer: (d) Excess of Income over Expenditure or Vice Versa
Question 6.
Receipts and Payments Account usually indicates:
(a) Surplus
(b) Capital Fund
(c) Debit Balance
(d) Credit Balance
Answer
Answer: (c) Debit Balance
Question 7.
Donation received for a special purpose:
(a) Should be credited to Income and Expenditure A/c
(b) Should be credited to a separate account and shown in the Balance Sheet
(c) Should be shown on the Assets side of the Balance Sheet
(d) None of these
Answer
Answer: (b) Should be credited to a separate account and shown in the Balance Sheet
Question 8.
Income and Expenditure Account generally indicates:
(a) Surplus/Deficit
(b) Cash Balance
(c) Capital Fund
(d) Net Profit/Loss
Answer
Answer: (a) Surplus/Deficit
Question 9.
In not-for-profit organisation, excess of expenditure over income is called :
(a) Loss
(b) Profit
(c) Deficit
(d) Surplus
Answer
Answer: (c) Deficit
Question 10.
Income and Expenditure Account is preparedly :
(a) Trending Organisation
(b) Non-trading Organisation
(c) Both (a) and (b)
(d) None of these
Answer
Answer: (b) Non-trading Organisation
Question 11.
Receipts and Payments A/c is a summary of:
(a) All Capital Receipts and Payments
(b) All Revenue Receipts and Payments
(c) All Revenue and Capital Receipts and Payments
(d) None of the above
Answer
Answer: (c) All Revenue and Capital Receipts and Payments
Question 12.
Sale of old newspapers is:
(a) Capital Receipt
(b) Revenue Receipt
(c) Asset
(d) Profit
Answer
Answer: (b) Revenue Receipt
Question 13.
Which of the following is a non-profitable organisation ?
(a) Jharkhand Academic Council
(b) Tata Steel
(c) Air India
(d) Reliance Co. Ltd.
Answer
Answer: (a) Jharkhand Academic Council
Question 14.
Income and expenses related to the prize fund is shown in:
(a) Income and Expenditure Account
(b) Assets side of the Balance Sheet
(c) Liabilities side of the Balance Sheet
(d) Cash Account
Answer
Answer: (a) Income and Expenditure Account
Question 15.
Subscription received during the year ₹ 1,80,000 Subscriptions outstanding at the end of the year ₹ 20,000 Subscriptions received in advance at the end of the year ₹ 10,000. The amount of subscription to be credited to Income and Expenditure Account will be:
(a) ₹ 2,10,000
(b) ₹ 1,90,000
(c) ₹ 1,70,000
(d) ₹ 2,00,000
Answer
Answer: (b) ₹ 1,90,000
Question 16.
Subscription received by a schoblfbr organising annual V function is treated as:
(a) Capital Receipt
(b) Revenue Receipt
(c) Asset
(d) Earned Income
Answer
Answer: (c) Asset
Question 17.
Which of the following is not a not-for-profit organisation:
(a) School
(b) Hospital
(c) Club
(d) Partnership Firm
Answer
Answer: (d) Partnership Firm
Question 18.
For a non-trading concern, honorarium paid is:
(a) An Income
(b) An Asset
(c) An Expense
(d) None of these
Answer
Answer: (c) An Expense
Question 19.
Out of the following items, which one is shown in the Receipts and Payments Account?
(a) Outstanding Salary
(b) Depreciation
(c) Life Membership Fees
(d) Accrued Subscription
Answer
Answer: (b) Depreciation
Question 20.
In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
(a) Liabilities side of the Balance Sheet
(b) Debit side of the Income and Expenditure Account
(c) Credit side of the Income and Expenditure Account
(d) Assets side of the Balance Sheet
Answer
Answer: (b) Debit side of the Income and Expenditure Account
Question 21.
In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:
(a) Liabilities side of the Balance Sheet
(b) Debit side the Income and Expenditure Account
(c) Credit side of the Income and Expenditure Account
(d) Assets side of the Balance Sheet
Answer
Answer: (b) Debit side the Income and Expenditure Account
Question 22.
Life Membership Fees received by a club is shown in :
(a) Income and Expenditure A/c
(b) Balance Sheet
(c) Receipts and Payments A/c
(d) None of these
Answer
Answer: (b) Balance Sheet
Question 23.
Outstanding subscription is a:
(a) Income
(b) Asset
(c) (a) and (b) both
(d) None of these
Answer
Answer: (c) (a) and (b) both
Question 24.
Income and Expenditure Account is:
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) None of these
Answer
Answer: (c) Nominal Account
Question 25.
Receipts and Payments Account is a :
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) None of these
Answer
Answer: (b) Real Account
Question 26.
Payment of honorarium to secretary is treated as :
(a) Capital expenditure
(b) Revenue expenditure
(c) An Income
(D/) None of these
Answer
Answer: (b) Revenue expenditure
Question 27.
Income and Expenditure Account is prepared :
(a) By Business Organisation
(b) By Industrial Organisation
(c) By Not-for-Profit Organisation
(d) By All Organisations
Answer
Answer: (c) By Not-for-Profit Organisation
Question 28.
Legacies should be treated as :
(a) A Liability
(b) A Revenue Receipt
(c) An Income
(d) None of these
Answer
Answer: (a) A Liability
Question 29.
All receipts from sale of consumable items are treated as:
(a) Capital Receipts
(b) Revenue Receipts
(c) Both (a) and (b)
(d) None of these
Answer
Answer: (b) Revenue Receipts
Question 30.
The excess of assets over liabilities in non-trading concerns is termed as:
(a) Capital Fund
(b) Capital
(c) Profit
(d) Net Profit
Answer
Answer: (a) Capital Fund
0 comments:
Post a Comment