Accounting for Not-for-Profit Organisations
Commerce ⇒ Accountancy
Accounting for Not-for-Profit Organisations starts at 11 and continues till grade 12.
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See sample questions for grade 11
A club received a donation of ₹50,000 for building construction. How should this be shown in the financial statements?
Explain the difference between capital receipts and revenue receipts in the context of Not-for-Profit Organisations.
Explain the treatment of 'Life Membership Fee' in the books of a Not-for-Profit Organisation.
Name any two sources of income for Not-for-Profit Organisations.
A club paid salaries of ₹20,000 during the year. Salaries outstanding at the beginning and end of the year were ₹2,000 and ₹3,000 respectively. Calculate the amount of salaries to be debited to Income and Expenditure Account.
A club received a donation of ₹50,000 for building construction. How should this be shown in the financial statements?
A club received entrance fees of ₹5,000. It is decided to treat 60% as revenue and 40% as capital. How much will be credited to Income and Expenditure Account?
A club received subscription of ₹10,000 during the year. Subscription outstanding at the beginning and end of the year were ₹1,000 and ₹2,000 respectively. Calculate the amount of subscription to be credited to Income and Expenditure Account.
Which of the following is a capital receipt for a Not-for-Profit Organisation? (1) Subscription (2) Donation for building (3) Interest received (4) Sale of old newspapers
Which of the following is a non-cash item? (1) Subscription received (2) Depreciation (3) Donation received (4) Interest received
Which of the following is a revenue expenditure? (1) Purchase of books (2) Payment of salaries (3) Construction of building (4) Purchase of land
Which of the following is NOT a capital fund? (1) Endowment Fund (2) Prize Fund (3) General Fund (4) Building Fund
Fill in the blank: Income and Expenditure Account is prepared on the basis of __________ system of accounting.
Fill in the blank: The amount of outstanding expenses is shown on the __________ side of the Balance Sheet.
Fill in the blank: The amount of subscription received in advance is shown on the __________ side of the Balance Sheet.
Fill in the blank: The balance of Receipts and Payments Account represents __________ at the end of the year.
State whether the following statement is True or False: Donations received for a specific purpose are treated as capital receipts.
State whether the following statement is True or False: Income and Expenditure Account records both cash and non-cash items.
State whether the following statement is True or False: Receipts and Payments Account is a real account.
State whether the following statement is True or False: Receipts and Payments Account records only current year’s transactions.
