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Accounting for Not-for-Profit Organisations Test 2

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Accounting for Not-for-Profit Organisations Test 2
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The receipts and payments account begins with __________.
    Solution
    Debit side of the receipts and payment account starts with opening balances of cash and bank in the receipts side. Receipts & payment account record all the receipts and payment.
  • Question 2
    1 / -0
    Income and expenditure account reveals ____________.
    Solution
    Income and expenditure account is prepared to present income and expenses. Excess of Income over expenditure is called surplus and excess of expenditure over income is called deficit.
  • Question 3
    1 / -0
    In the Not-For-Profit Micro Finance Institutes.
    Which among the following are included?
  • Question 4
    1 / -0
    Non-trading institutions prepares ______________.
    Solution
    Income & expenditure account is normally prepared by the non trading organizations like lawyers, doctors, chartered accountants etc.
  • Question 5
    1 / -0
    The revenue receipts are to be shown on ______side.
    Solution
    Receipts may be classified as revenue receipts and capital receipts. 
    Receipts which are received in the normal course of business are treated as revenue receipts.
    Receipts which are received with a specific object is considered as capital receipts.
    Revenue receipts are credited to income account and shown in the credit side of  Income & Expenditure account.


  • Question 6
    1 / -0
    Match List-I with List-II and select the correct answer using the codes given below the lists:
    List-I (Item of balance sheet of company)List-II (Heading of balance sheet)
    (a) Sundry debtors1. Fixed asset
    (b) Bills of exchange2. Misc. Expenses
    (c) Live stock3. Current asset
    (d) Shares issue expenses4. Loans & Advances
    Solution
     Item of Balance Sheet Heading of Balance Sheet
     Sundry Debtors Current Assets
     Bill of Exchange Loans & Advances
     Live Stock Fixed Assets
     Shares issue expenses Misc Expenses
  • Question 7
    1 / -0
    Which of the following does not effect cash flows proposal?
    Solution
    The method of Project Financing (like debt, equity, etc) does not affect cash flow statement because a cash flow statement deals with the inflows and outflows of cash/funds, irrespective of their sources.
  • Question 8
    1 / -0
    Income and expenditure account is also called as a ________ account.
    Solution
    Income & expenditure accounts are prepared by considering all the incomes and expenses. Incomes & expenses are nominal accounts. Hence Income & expenditure account is a nominal account.
  • Question 9
    1 / -0
    Income and Expenditure Account belongs to ______ account.
    Solution
    Every business have to make its financial statement at the end of every year which includes profit & loss account and balance sheet.

    All expenses and Income accounts are transferred to profit & loss account/ Income & Expenditure account to know the Profit & Loss of the business.

    All expense and Income accounts are classified as nominal accounts hence Income and Expenditure account belongs to nominal account.

  • Question 10
    1 / -0
    Subscription amounting to Rs. 7,500 appear on the credit side of income and expenditure account after adjusting subscriptions out standing Rs. 600 and subscriptions received in advance Rs. 450. The amount of subscriptions to be shown in the receipts and payments account for the same year will be.
    Solution
    Calculation of amount of subscription received during the year.
    Particulars                                                                                           Amount
    Subscription earned during the year                                                  7,500
    Add:- Subscriptions received in advance at the end of the year        450
    Less:- Outstanding subscriptions at the end of the year                    (600)
                                                                                                                   ______
    Amount of subscriptions received during the year                             7,350
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