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MCQs for Financial Statements of Not-for-Profit Organisations (N.P.O.)
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MCQs for Financial Statements of Not-for-Profit Organisations (N.P.O.)
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25 Questions

1. If a General Donation of huge amount is received by a school, that donation is treated as :
2. The amount of ‘Subscription received from members’ by a Non-profit organi sation is shown in which of the following?
3. Which of the following represent capital receipt:
4. Subscription received in advance during the current year is :
5. Subscription received in cash during the year amounted to ₹40,000; subscription outstanding at the end of previous year was ₹1,500 and outstanding at the end of current year was ₹2,000. Subscription received in advance for next year was ₹800. The amount credited to Income & Expenditure Account will be:
6. Donation received for a special purpose :
7. Out of the billowing items, which one is shown in the ‘Receipts and Payments Account' of a not for profit organisation?
8. Out of the following items, which is not shown in the ‘Receipts and Payments A/c’ of a not for profit organisation? '
9. Credit side balance in Income & Expenditure Account reveals :
10. Not-for-profit organisations prepare :
11. The opening balance of Prize Fund was ₹32,800. During the year, donations reoeived towards this fund amounted to ₹15,400; amount spent on prizes was 712,300 and interest received on prize fund investment was ₹4,000. The closing balance of Prize Fund will be :
12. Income and Expenditure Account reveals :
13. Salary paid in cash during the current year was ₹30,000; Outstanding salary at the end of previous year was ₹2,000 and outstanding salary at the end of current year was ₹3,000. Salary paid in advance during current year for next year was ₹2,600. The amount debited to Income and Expenditure Account will be :
14. Subscription received in cash during the year amounted to ₹3,00,000; subscription received in advance for next year was ₹10,000 and received in advance during previous year was ₹8,000. Subscription in arrear at the end of previous year was ₹18,000 and subscription in arrear at the end of current year was ₹12,000. The amount credited to Income & Expenditure Account will be :
15. Income and Expenditure Account is a :
16. Salary paid in cash during the current year was ₹80,000; Outstanding salary at the end was ₹4,000; Salary paid in advance last year pertaining to the current year was ₹3,200; paid in advance during current year for next year was ₹5,000. The amount debited to Income and Expenditure Account will be:
17. If a general donation of smaller amount is received by a school, that donation will be shown in :
18. Amount received from sale of grass by a club should be treated as :
19. If there is a ‘Match Fund’, then match expenses and incomes are transferred to:
20. Subscription received by a school for organising annual function is treated as:
21. The Receipts and Payments Account is a summary of:
22. Receipts and Payments Account generally shows :
23. The amount of ‘Entrance Fees’ received by a Non-profit organisation (if it is received regularly) is shown in which of the following?
24. Source of income for a not-for-profit organisation is :
25. Out of following items, which one is shown in the Receipts and Payments Account?

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