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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. Income and Expenditure Account reveals :
2. Out of the following items, which is not shown in the ‘Receipts and Payments A/c’ of a not for profit organisation? '
3. Which of the following represent capital receipt:
4. 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 :
5. Subscription received in cash during the year amounted to ₹5,00,000; subscription outstanding at the end of previous year was ₹20,000 and outstanding at the end of current year was ₹25,000. Subscription received in advance for next year was ₹8,000 and received in advance during previous year was ₹7,000. The amount credited to Income & Expenditure Account will be :
6. 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:
7. There are 200 members, each paying an annual subscription of 7 1,000; subscription received during the year 7 1,95,000; subscriptions received in advance at the beginning of the year 73,000 and at the end of the year 72,000. 'Amount shown in Income & Expenditure Account will be :
8. Out of following items, which one is shown in the Receipts and Payments Account?
9. The amount of ‘Subscription received from members’ by a Non-profit organi sation is shown in which of the following?
10. 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 :
11. Income and Expenditure Account records transactions of:
12. Amount received from sale of grass by a club should be treated as :
13. Income and Expenditure Account is a :
14. Subscription received in cash during the year amounted to 760,000; subscription received in advance for next year was 73,000 and received in advance during previous year was 72,000. Subscription in arrear at the end of current year was 75,400. The amount credited to Income & Expenditure Account will be :
15. If a general donation of smaller amount is received by a school, that donation will be shown in :
16. 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:
17. Receipts and Payments Account is a :
18. Receipts and Payments Account generally shows :
19. Donation received for a special purpose :
20. If a General Donation of huge amount is received by a school, that donation is treated as :
21. The Receipts and Payments Account is a summary of:
22. Credit side balance in Income & Expenditure Account reveals :
23. Subscription received in advance during the current year is :
24. Not-for-profit organisations prepare :
25. Out of the following items, which is shown in the ‘Receipts and Payments A/c’ of a not for profit organisation?

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