Thursday, 28 January 2021

CBSE Class 12 Accountancy - MCQ and Online Tests - Unit 1 - Accounting for Not for Profit Organisation

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


 

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