{"id":18342,"date":"2022-05-30T04:00:54","date_gmt":"2022-05-29T22:30:54","guid":{"rendered":"https:\/\/mcq-questions.com\/?p=18342"},"modified":"2022-05-19T12:07:31","modified_gmt":"2022-05-19T06:37:31","slug":"mcq-questions-for-class-12-accountancy-chapter-1","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/mcq-questions-for-class-12-accountancy-chapter-1\/","title":{"rendered":"MCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers"},"content":{"rendered":"

Students who are searching for NCERT MCQ Questions for Chapter 1 Accounting for Not for Profit Organisation with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Accountancy with Answers<\/a>. You can also verify your answers from our provided Accounting for Not for Profit Organisation Class 12 MCQs Questions with Answers. So, ace up your preparation with MCQ on Accounting for Not for Profit Organisation Class 12 Objective Questions.<\/p>\n

Accounting for Not for Profit Organisation Class 12 MCQs Questions with Answers<\/h2>\n

I. State which of the following is correct.<\/span><\/p>\n

Question 1.
\nReceipts and Payments A\/c is the summary of a:
\n(a) Cash Book
\n(b) Sales Book
\n(c) Purchases Book
\n(d) Journal<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Cash Book<\/p>\n<\/details>\n

\n

Question 2.
\nSubscriptions received in advance during the accounting year is:
\n(a) An Income
\n(b) An Expense
\n(c) An Asset
\n(d) A Liability<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) A Liability<\/p>\n<\/details>\n

\n

Question 3.
\nIncome and Expenditure A\/c is of the nature of:
\n(a) Trial Balance
\n(b) Deficit A\/c
\n(c) P & L A\/c
\n(d) Balance Sheet<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) P & L A\/c<\/p>\n<\/details>\n

\n

Question 4.
\nCash received by converting an asset into cash is reflected in:
\n(a) Conversion A\/c
\n(b) Receipts and Payments A\/c
\n(c) Contract A\/c
\n(d) Suspense A\/c<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Receipts and Payments A\/c<\/p>\n<\/details>\n

\n

Question 5.
\nIf the credit side of Receipts and Payments A\/c exceeds the debit side, the balance represents:
\n(a) Bank charges
\n(b) Commission
\n(c) Bank overdraft
\n(d) Interest<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Bank overdraft<\/p>\n<\/details>\n

\n

Question 6.
\nNo cash transaction will be excluded from:
\n(a) Balance Sheet
\n(b) Profit & Loss A\/c
\n(c) Receipts and Payments
\n(d) Income and Expenditure A\/c<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Receipts and Payments<\/p>\n<\/details>\n

\n

Question 7.
\nIn Receipts and Payments A\/c, cash in hand or at the bank is put on:
\n(a) Credit side
\n(b) Left-hand side
\n(c) Right-hand side
\n(d) None of these<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Left-hand side<\/p>\n<\/details>\n

\n

Question 8.
\nThe task of preparing Income and Expenditure A\/c and the Balance Sheet commences after the preparation of the:
\n(a) Trial Balance
\n(b) Profit and loss A\/c
\n(c) Trading A\/c
\n(d) Cash A\/c<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) Cash A\/c<\/p>\n<\/details>\n

\n

Question 9.
\nIn Income and Expenditure A\/c all revenue expenses are entered on:
\n(a) Assets side
\n(b) Left-hand side
\n(c) Liabilities side
\n(d) Right-hand side<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Left-hand side<\/p>\n<\/details>\n

\n

Question 10.
\nIn the Income and Expenditure Account all revenue receipts are entered on:
\n(a) Assets side
\n(b) Left-hand side
\n(c) Right-hand side
\n(d) Liabilities side<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Right-hand side<\/p>\n<\/details>\n

\n

II. Fill in the blanks with the correct word.<\/span><\/p>\n

Question 11.
\nExcess of incomes over expenditure is known as _________<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Surplus<\/p>\n<\/details>\n

\n

Question 12.
\nThe difference in the balance sheet at the beginning of the year is known as _________<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital fund<\/p>\n<\/details>\n

\n

Question 13.
\nEntrance fee should be taken as ________ receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue<\/p>\n<\/details>\n

\n

Question 14.
\nThe main source of income for a not for profit is ____________<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Subscription<\/p>\n<\/details>\n

\n

Question 15.
\nFinancial statements in case of NPO consists of receipts & payments account, _______, and balance sheet.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Income and Expenditure account<\/p>\n<\/details>\n

\n

Question 16.
\nReceipts and payments account is prepared on _________ basis whereas cash book is prepared on the _______ basis.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Yearly, daily<\/p>\n<\/details>\n

\n

Question 17.
\nIncome and expenditure account is prepared on the basis of _______ incomes and _________ expenditures.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue, revenue<\/p>\n<\/details>\n

\n

Question 18.
\nLegacy is a ______ receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital<\/p>\n<\/details>\n

\n

III. State whether the following statements are True or False:<\/span><\/p>\n

Question 19.
\nNot-for-profit organisations are organisations that serve not only their members but also the general public.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 20.
\nNot for profit organisations do not enjoy separate legal entity.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 21.
\nProfit earned by a, not for profit organisation is known as surplus.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 22.
\nGeneral donations are capital in nature whereas specific donations are capital in nature.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 23.
\nReceipts and payments account records capital receipts and capital payments only.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 24.
\nIncome & expenditure account is prepared on the same principles as we prepare profit and loss account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 25.
\nSpecific funds are shown on the liabilities side whereas expenses on specific funds are shown on the assets side.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 26.
\nCashbook and receipts & payments account is prepared on the basis of cash basis of accounting.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

IV. One word Questions.<\/span><\/p>\n

Question 27.
\nHow are specific donations treated while preparing final accounts of a \u2018Not-For-Profit Organisation\u2019?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Specific donation is treated as capital receipt & it is shown on the liabilities side of the Balance Sheet.<\/p>\n<\/details>\n

\n

Question 28.
\nState the basis of accounting of preparing \u2018Income and Expenditure Account\u2019 of a \u2018Not-For-Profit
\nOrganisation.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Accrual basis.<\/p>\n<\/details>\n

\n

Question 29.
\nDifferentiate between \u2018Receipts and Payments Account\u2019 and \u2018Income and Expenditure Account\u2019 on the basis of \u2018Period\u2019.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer:<\/p>\n\n\n\n\n
Basic<\/td>\nReceipts & Payments A\/c<\/td>\nIncome & Expenditure A\/c<\/td>\n<\/tr>\n
Period<\/td>\nMay relate to preceding and succeeding periods<\/td>\nRelate to the current period<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/details>\n
\n

Question 30.
\nWhat is meant by \u2018Life membership fees\u2019?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Membership fee paid in lump stun to become a life member of a not-for-profit organisation.<\/p>\n<\/details>\n

\n

Question 31.
\nHow are the following items presented in the financial statements of a Not-for-Profit organisation:
\n(a) Tournament Fund – 80,000
\n(b) Tournament expenses – 14,000<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer:
\n\"MCQ<\/p>\n<\/details>\n

\n

Question 32.
\nHow are general donations treated while preparing financial statements of a not-for-profit organisation?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: General donations are treated as revenue receipts<\/p>\n<\/details>\n

\n

Or
\nHow are general donations treated while preparing financial statements of a not-for-profit organisation?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Life membership fee is the membership fee paid by some members as a lump sum amount instead of a periodic subscription<\/p>\n<\/details>\n

\n

Question 33.
\nState the basis of accounting on which \u2018Receipt and Payment Account\u2019 is prepared in case of Not-for Profit Organisation.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Cash basis of accounting<\/p>\n<\/details>\n

\n

Question 34.
\nWhere will you show the \u2018Subscription received in advance\u2019 during the current year in the Balance Sheet of a Not-For-Profit Organisation?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Liability side of current year\u2019s balance sheet<\/p>\n<\/details>\n

\n

Question 35.
\nA not-for-profit organisation sold its old furniture. State whether it will be treated as revenue receipt or capital receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue<\/p>\n<\/details>\n

\n

Question 36.
\nMention a fund who are specific in nature.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Sports fund<\/p>\n<\/details>\n

\n

Question 37.
\nIncome and Expenditure Account of a not-for-profit organisation has shown credit balance of \u20b9 1,20,000 during 2012-13. When will you show it?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: It will be added in the capital fund on the liability side<\/p>\n<\/details>\n

\n

Question 38.
\nDo not for profit organisation maintain proper system of accounts?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: No<\/p>\n<\/details>\n

\n

Question 39.
\nName any one account prepared by not for profit organisations.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Receipts and Payment Account, Income and Expenditure Account and Balance Sheet<\/p>\n<\/details>\n

\n

Question 40.
\nGive one example of not for profit organisations.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Charitable dispensaries, schools, educational institutions, trusts, societies etc<\/p>\n<\/details>\n

\n

Question 41.
\nState one source of not for profit organisations.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Subscriptions, donations, legacies, government grant etc<\/p>\n<\/details>\n

\n

Question 42.
\nState the receipts relating to non-recurring in nature.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital receipts<\/p>\n<\/details>\n

\n

Question 43.
\nState the payments relating to non-recurring in nature.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: The payments can be classified into capital payment and revenue payment<\/p>\n<\/details>\n

\n

Question 44.
\nGive an example of revenue receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Subscription<\/p>\n<\/details>\n

\n

Question 45.
\nGive an example of capital receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Government grant<\/p>\n<\/details>\n

\n

Question 46.
\nGive an example of capital payments.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Purchase of assets<\/p>\n<\/details>\n

\n

Question 47.
\nWhat name is used for the cash book in case of not for profit organisations?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Receipts and Payments Account<\/p>\n<\/details>\n

\n

Question 48.
\nWhich side the revenue receipts are transferred in the income and enpenditure account?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Credit side<\/p>\n<\/details>\n

\n

Question 49.
\nWhen the capital receipts are shown?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Liabilities side<\/p>\n<\/details>\n

\n

Question 50.
\nWhere the capital payments are shown?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Assets side<\/p>\n<\/details>\n

\n

Question 51.
\nIn which account the funds are transferred in case of not for profit organisation?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital Fund<\/p>\n<\/details>\n

\n

Question 52.
\nWhat is the major source of income for not for profit organisations?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Subscription<\/p>\n<\/details>\n

\n

Question 53.
\nWhat name is used for profit in case of not for profit organisations?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Surplus<\/p>\n<\/details>\n

\n

Question 54.
\nWhat name is used for loss in case of not for profit organisations?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Deficit<\/p>\n<\/details>\n

\n

Question 55.
\nIs the surplus or deficit in case of not for profit organisations distributed among members?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: No<\/p>\n<\/details>\n

\n

Question 56.
\nWhat type of rec eipts are recorded in the income and expenditure account?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue Receipts<\/p>\n<\/details>\n

\n

Question 57.
\nWhat type of payments are recorded in the income and expenditure account?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue Payments<\/p>\n<\/details>\n

\n

Question 58.
\nWhich system of accountancy is followed to prepare receipts and payments account?<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Cash system of accounting<\/p>\n<\/details>\n

\n

Question 59.
\nWhich system of account is followed to prepare income and expenditure account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Accrual system of accounting<\/p>\n<\/details>\n

\n

Use the above-provided NCERT MCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 12 Accountancy Accounting for Not for Profit Organisation MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Students who are searching for NCERT MCQ Questions for Chapter 1 Accounting for Not for Profit Organisation with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Accountancy with Answers. You can also verify your answers from our provided Accounting …<\/p>\n

MCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers<\/span> Read More »<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[35],"tags":[],"yoast_head":"\nMCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers - MCQ Questions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/mcq-questions-for-class-12-accountancy-chapter-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"Students who are searching for NCERT MCQ Questions for Chapter 1 Accounting for Not for Profit Organisation with Answers Pdf free download are compiled here to get good practice on all fundamentals. 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