Accounting for Not-for-Profit Organisations Test 6

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Accounting for Not-for-Profit Organisations Test 6

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Weekly Quiz Competition

Question 1
1 / -0

The day-to-day transactions of a club would be recorded in ____________.

A
Cash Book

B
Income and Expenditure A/c

C
Receipts and Payments A/c

D
None of the above

Solution

A journal is divided into subsidiary books in which only the specific transactions are to be recorded like purchase book for credit purchases, sales book for credit sale, cash book for cash transactions, etc.
Sales book records only credit sale of goods made in the course of business. It does not record cash sales of goods or credit sales of assets.
Question 2
1 / -0

________is/are example(s) of capital receipts.

A
Sale proceed of fixed asset

B
Loan raised from financial institutions

C
Capital raised through book building process

D
All of the above

Solution

Option D is correct. Capital receipts refer to those receipts which either create a liability or cause a reduction in the assets of the firm. They are non-recurring or non-routine in nature. Sale proceeds of fixed assets leads to reduction in assets. The loan and Capital raised create liability for the firm. All are capital receipts. '
Question 3
1 / -0

From the following details ascertain net profit od ABC club for the period ending 31.03.09 under accrual system
Items 31.03.08 31.03.09
Net profit as per cash basis Rs.10750
Accrued subscription 550 450
Subscription received in advance 250 100
Salary outstanding 300 50
Prepaid rent 600 150

A
Rs.11000

B
Rs.10450

C
Rs.10750

D
Rs.11050

Question 4

1 / -0

From the following details uscertain net profit of

ABC

club for the period ending on 31.03.08 under Cash basis

Items	31.03.08	31.03.09
Net profit as per Accrual basis		Rs. $10800$
Accrued Subscription	$550$	$450$
Subscription received in advance	$250$	$100$
Salary outstanding	$300$	$50$
Prepaid rent	$600$	$150$

Rs. $11000$

Rs. $10800$

Rs. $10950$

Rs. $11050$

Question 5
1 / -0

Edownfund received by a club is a ........

A
Revenue Receipt

B
Capital Receipt

C
Advance payment

D
Revenue Payment
Question 6
1 / -0

Which of these is an example of a Corporation.

A
RBI

B
LIC

C
SBI

D
All the three
Question 7
1 / -0

Rs. 2,000 due from XYZ Associates was written off as bad debts in 2012-13, however in 2013-14 XYZ paid Rs. 1,500 voluntarily. This receipt will be accounted for as

A
Capital receipt

B
Revenue receipt

C
Need not be accounted for

D
Reduction in debtors
Question 8
1 / -0

AS-2 is not applicable in case of ___________.

A
plantation products

B
work-in-progress

C
raw material

D
stores
Question 9
1 / -0

Which of these is an appropriation of profit?

A
Provision for Dividend

B
Interest on debentures

C
Preliminary expenses written off

D
Provision for depreciation
Question 10
1 / -0

Membership fees earned is an item of ___________.

A
revenue

B
expense

C
asset

D
liability

Solution

Membership fees received from the members is a revenue item and to be shown as revenue.

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Re-Attempt Weekly Quiz Competition

Accounting for Not-for-Profit Organisations Test 6

Result

Accounting for Not-for-Profit Organisations Test 6

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Rank

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SHARING IS CARING

Question 1

Cash Book

Income and Expenditure A/c

Receipts and Payments A/c

None of the above

Solution

Question 2

Sale proceed of fixed asset

Loan raised from financial institutions

Capital raised through book building process

All of the above

Solution

Question 3

Rs.11000

Rs.10450

Rs.10750

Rs.11050

Question 4

Rs. 110001100011000

Rs. 108001080010800

Rs. 109501095010950

Rs. 110501105011050

Question 5

Revenue Receipt

Capital Receipt

Advance payment

Revenue Payment

Question 6

RBI

LIC

SBI

All the three

Question 7

Capital receipt

Revenue receipt

Need not be accounted for

Reduction in debtors

Question 8

plantation products

work-in-progress

raw material

stores

Question 9

Provision for Dividend

Interest on debentures

Preliminary expenses written off

Provision for depreciation

Question 10

revenue

expense

asset

liability

Solution

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Rs. $11000$

Rs. $10800$

Rs. $10950$

Rs. $11050$