MCQ Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organ..

NCERTCOURSE.COM- Find here the NCERT/CBSE chapter-wise Multiple Choice Questions from Class 12 Accountancy book Chapter 1 Accounting for Not for Profit Organisation with Answers Pdf free download. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Accounting for Not for Profit Organisation. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

MCQ Questions for Class 12 Accountancy with Answers

Q1. If the credit side of Receipts and Payments A/c exceeds the debit side, the balance represents:

(i) Bank charges
(ii) Commission
(iii) Bank overdraft
(iv) Interest

(iii) Bank overdraft

Q2. Income & Expenditure Account is based on

(i) Cash Accounting
(ii) Accrual Accounting
(iii) Government Accounting
(iv) Management Accounting

(ii) Accrual Accounting

Q3. Property received as a result of the will of the deceased person is called:

(i) Legacy
(ii) Honorarium
(iii) Donation
(iv) Subscription

(i) Legacy

Q4. Cash received by converting an asset into cash is reflected in:

(i) Conversion A/c
(ii) Receipts and Payments A/c
(iii) Contract A/c
(iv) Suspense A/c

(ii) Receipts and Payments A/c

Q5. In regard to Rent expenses paid in advance of a non- profit organisation which of the following classification is correct

(i)Expense
(ii) Liability
(iii) Equity
(iv) Assets

(iv) Assets

Q6. Balance of Income and Expenditure Account shows:

(i) Cash in hand
(ii) Capital Fund
(iii) Net Profit
(iv) Excess of Income over Expenditure or Vice Versa

(iv) Excess of Income over Expenditure or Vice Versa

Q7. Income and Expenditure A/c is of the nature of:

(i) Trial Balance
(ii) Deficit A/c
(iii) P & L A/c
(iv) Balance Sheet

(iii) P & L A/c

Q8. The Receipt and Payment account of a Non- Profit Organisation is a

(i) Nominal Account
(ii) Real Account
(iii) Income Statement Account
(iv) Financial Statements

(ii) Real Account

Q9. Capital fUnd is calculated:

(i) Income-Expenditure
(ii) Assets Liabilities
(iii) Capital + Liabilities
(iv) None of these

(ii) Assets Liabilities

Q10. Receipts and Payments A/c is the summary of a:

(i) Cash Book
(ii) Sales Book
(iii) Purchases Book
(iv) Journal

(i) Cash Book

Q11. Subscription received but not yet earned is considered as

(i) Asset
(ii) Liability
(iii) Income
(iv) Expenditure

(ii) Liability

Q12. In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:

(i) Liabilities side of the Balance Sheet
(ii) Debit side the Income and Expenditure Account
(iii) Credit side of the Income and Expenditure Account
(iv) Assets side of the Balance Sheet

(ii) Debit side the Income and Expenditure Account

Q13. In the Income and Expenditure Account all revenue receipts are entered on:

(i) Assets side
(ii) Left-hand side
(iii) Right-hand side
(iv) Liabilities side

(iii) Right-hand side

Q14. Which of the following is not a revenue receipt?

(i) Donations for Tournament
(ii) Government Grants
(iii) Subscriptions
(iv) Entrance Fees

(i) Donations for Tournament

Q15. Subscription received by a schoblfbr organising annual V function is treated as:

(i) Capital Receipt
(ii) Revenue Receipt
(iii) Asset
(iv) Earned Income

(iii) Asset

Q16. In Income and Expenditure A/c all revenue expenses are entered on:

(i) Assets side
(ii) Left-hand side
(iii) Liabilities side
(iv) Right-hand side

(ii) Left-hand side

Q17. Receipts and Payments Account is a Summary of :

(i) Debit and Credit balances of Ledger Account
(ii) Cash Receipts and Payments
(iii) Incomes and Expenses
(iv) Balances of assets and liabilities U

(ii) Cash Receipts and Payments.

Q18. Legacies should be treated as :

(i) A Liability
(ii) A Revenue Receipt
(iii) An Income
(iv) None of these

(i) A Liability

Q19. Donations received for special purpose should be

(i) Credited to a separate fund account and shown in the Balance Sheet
(ii) Treated as revenue
(iii) treated as revenue unless the amount is large
(iv) Not recorded at all

(i) Credited to a separate fund account and shown in the Balance Sheet

Q20. Payment of honorarium to secretary is treated as :

(i) Capital expenditure
(ii) Revenue expenditure
(iii) An Income
(iv) None of these

(ii) Revenue expenditure

Q21. Capital fUnd is calculated: