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Accounting for Not-for-Profit Organisations

Commerce ⇒ Accountancy

Accounting for Not-for-Profit Organisations starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Accounting for Not-for-Profit Organisations. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 12
Explain the difference between Receipts and Payments Account and Income and Expenditure Account.
Explain the term 'Endowment Fund' in Not-for-Profit Organisations.
Explain the treatment of expenses paid in advance in the final accounts of a Not-for-Profit Organisation.
Explain the treatment of government grants received by a Not-for-Profit Organisation.
A club has a capital fund of ₹50,000 at the beginning of the year. During the year, it has a surplus of ₹5,000 and receives a donation for building fund of ₹10,000. What will be the capital fund at the end of the year (excluding building fund)?
A club received a legacy of ₹20,000. How should it be shown in the accounts?
A club received subscription of ₹10,000 in the current year, out of which ₹1,000 relates to the previous year and ₹2,000 is for the next year. What amount should be credited to Income and Expenditure Account for the current year?
A club received subscription of ₹12,000 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 feature of Not-for-Profit Organisations? (1) Their main aim is to earn profit (2) They are formed for service motive (3) They distribute profits among members (4) They do not maintain any accounts
Which of the following is NOT a feature of Receipts and Payments Account? (1) It records only revenue items (2) It is a summary of cash transactions (3) It includes both capital and revenue items (4) It ignores non-cash items
Which of the following is NOT a liability for a Not-for-Profit Organisation? (1) Outstanding expenses (2) Subscription received in advance (3) Fixed assets (4) Specific fund
Fill in the blank: Income and Expenditure Account is similar to __________ Account of a business organisation.
Fill in the blank: The amount of subscription received in advance is shown as a __________ in the Balance Sheet.
Fill in the blank: The amount of surplus or deficit is added to or deducted from the __________ in the Balance Sheet.
Fill in the blank: The balance of Receipts and Payments Account represents __________ at the end of the period.
State whether the following statement is True or False: Honorarium paid to the secretary is a revenue expenditure.
State whether the following statement is True or False: Life membership fee is treated as a capital receipt.
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: Sale of old sports material is shown on the credit side of Income and Expenditure Account.