12th Accountancy Chapter 2 Online Test | Accounts of Not-For-Profit Organisation

12th Accountancy Chapter 2 Online Test | Accounts of Not-For-Profit Organisation

12th Accountancy All Chapter Online Test Both Tamil medium and English Medium Available our samacheer guide online website .

Chapter 2 Accounts of Not-For-Profit Organisation Online Test

1➤ Receipts and payments account is a ……………

(a) Nominal A/c (b) Real A/c (c) Personal A/c (d) Representative personal account

2➤ Receipts and payments account records receipts and payments of …………….

a) Revenue nature onlyb) Capital nature onlyc) Both revenue and capital nature (d) None of the above

3➤ Balance of receipts and payments account indicates the …………….

a) Loss incurred during the period(b) Excess of income over expenditure of the periodc) Total cash payments during the periodd) Cash and bank balance as on the date

4➤ Income and expenditure account is a …………….

a) Nominal A/c(b) Real A/c(c) Personal A/cd) Representative personal account

5➤ Income and Expenditure Account is prepared to find out …………….

a) Profit or loss(b) Cash and bank balance(c) Surplus or deficit(d) Financial position

6➤ Which of the following should not be recorded in the income and expenditure account?

(a) Sale of old news papers(b) Loss on sale of assetc) Honorarium paid to the secretary(d) Sale proceeds of furniture

7➤ Subscription due but not received for the current year is ……………

(a) An asset (b) A liability (c) An expense (d) An item to be ignored

8➤ Legacy is a …………….

(a) Revenue expenditure (b) Capital expenditure (c) Revenue receipt (d) Capital receipt

9➤ Donations received for a specific purpose is …………….

(a) Revenue receipt (b) Capital receipt (c) Revenue expenditure (d) Capital expenditure

10➤ 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,

(a) ₹ 50, 000(b) ₹ 50, 200c) ₹ 49, 900(d) ₹ 49, 800

11➤ Assertion : Life Membership Fee: Amount received towards life membership fee from the members is a capital receipt. Reason : It is non – recurring nature.

(a) Assertion and Reason is correct (b) Assertion is incorrect Reason is correct (c) Assertion is correct (d) Both are incorrect

12➤ State the nature of Life membership subscription.

(a) Cash Payments (b) Cash Receipts (c) Capital Receipt (d) None of these

13➤ State the primary motive of not-for-profit organisation?

(a) Producing goods (b) Provide service (c) Both (d) None of these

14➤ On which basis Receipt and Payment Account is prepared?

(a) Cash basis (b) Credit basis (c) Accrual basis (d) None of these

15➤ Classify the subscription received during the year of not-for-profit organisation.

(a) Capital Receipt (b) Capital Expenditure (c) Revenue Receipt (d) Both

16➤ State the nature of Receipt and Payment A/c for not-for-profit organisation.

(a) Real Account (b) Personal A/c (c) Nominal A/c (d) Representative Personal A/c

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