12th Standard CBSE - Accountancy - Accounting For Not For Profit Organisation

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Question - 1

Which of the following is generally considered as a non profit oriented organization?

  • A Charitable organization
  • B Corporation
  • C Audit firms
  • D Insurance companies

Question - 2

The receipts and payments account of a non-profit organization is a

  • A Nominal account
  • B Real account
  • C Income statement account
  • D Financial statement

Question - 3

Non-profit organizations prepare all of the following accounts except the

  • A Receipts and payment accounts
  • B Income and Expenditure accounts
  • C Balance sheet
  • D Income statement

Question - 4

Expenditures greater than incomes of a non-profit organization give rise to a

  • A Loss
  • B Profit
  • C Surplus
  • D Deficit

Question - 5

Rent expense of a non-profit organization paid in advance. Which of the following is the correct classification of rent?

  • A Expense
  • B Lisbility
  • C Equity
  • D Asset

Question - 6

An advance receipt of subscription from a member of the non-profit organization is considered as a/an

  • A Expense
  • B Liability
  • C Equity
  • D Asset

Question - 7

Income and expenditure account is based on

  • A Cash accounting
  • B Accrual accounting
  • C Government accounting
  • D Management accounting

Question - 8

Which of the following is to be recorded in an income and expenditure account?

  • A Purchase of a fixed asset
  • B Capital expenditure incurred on a fixed asset
  • C Profit on the sale of a fixed asset
  • D Sale of a fixed asset

Question - 9

Honorarium is a kind of remuneration paid to a person who is not the employee of a non-profit organization. Which of the following statements is true about the honorarium payment?

  • A It’s a revenue expenditure
  • B It’s a Capital expenditure
  • C It is not recorded in the books of accounts

Question - 10

The capital of a non-profit organization is generally known as

  • A Equity
  • B Accumulated fun
  • C Cash fund
  • D Financial reserve
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