Accounts of Not-For-Profit Organization, Accountancy, Unit-2.

Receipts and payments account is a------------------------------------------
1. Nominal A/c
2. Real A/c
3. Personal A/c
4. Representative personal account
Receipts and payments account records receipts and payments of-------------------------------------------------
1. Revenue nature only
2. Capital nature only
3. Both revenue and capital nature
4. None of these
Balance of receipts and payments account indicates the-----------------------------------------------
1. Loss incurred during the period
2. Excess of income over expenditure of the period
3. Total cash payments during the period
4. Cash and bank balance as on the date
Income and expenditure account is a---------------------------------------------
1. Nominal A/c
2. Real A/c
3. Personal A/c
4. Representative personal account
Income and Expenditure Account is prepared to find out---------------------------------------------
1. Profit or loss
2. Cash and bank balance
3. Surplus or deficit
4. Financial position
Which of the following should not be recorded in the income and expenditure account----------------------------------------
1. Sale of old news papers
2. Loss on sale of asset
3. Honorarium paid to the secretary
4. Sale proceeds of furniture
Subscription due but not received for the current year is-------------------------------------
1. An asset
2. A liability
3. An expense
4. An item to be ignored
Legacy is a--------------------------------
1. Revenue expenditure
2. Capital expenditure
3. Revenue receipt
4. Capital receipt
Donations received for a specific purpose is---------------------------------
1. Revenue receipt
2. Capital receipt
3. Revenue expenditure
4. Capital expenditure
There are 500 members in a club each paying ` 100 as annual subscription. Subscription due but not received for the current year is ` 200; Subscription received in advance is ` 300. Find out the amount of subscription to be shown in the income and expenditure account--------------------------------------------------
1. 50,000
2. 50,200
3. 49,900
4. 49,800

Accounts Of Non-Profit Organisations