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Financial Accounting Practice Test: Final Accounts Charitable Trust
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Financial Accounting Practice Test: Final Accounts Charitable Trust
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25 Questions

1. Entrance fees, unless otherwise stated, is treated as:
2. Life Membership Fees received by a club is shown in :
3. Property received as a result of the will of the deceased person is called:
4. The fees are collected only once at the time of admission of a member, hence Entrance Fees should be treated as 'Revenue Receipt'.
5. The fees received from life members is not a periodic subscription, hence are to be capitalized
6. ) A Receipts and Payments Account is nothing but a summary of all capital receipts and payments.
7. The primary motive of Charitable Trust organizations is to provide…………………….
8. Income and Expenditure Account generally indicates:
9. Subscription received in advance during the current year is:
10. Not-for-profit organisations are based on…………………………theory.
11. Which of the following is not a not-for-profit organisation:
12. The excess of assets over liabilities in non-trading concerns is termed as:
13. The not for profit concerns prohibit the payment of any ………………………to their members
14. Subscription received by an organisation is:
15. Subscriptions received in advance by a club are shown on……………..of the Balance Sheet
16. Which of the following is not an income ?
17. The Income and Expenditure Account is a summary of cash transactions.
18. Capital fund is calculated:
19. Outstanding subscription is a:
20. Sale of old newspapers is:
21. Specific donation is:
22. For a non-trading concern, honorarium paid is:
23. Balance of Income and Expenditure Account shows:
24. Legacies should be treated as
25. Income and Expenditure Account is preparedly :

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