Non-profit organizations prepare all of the following accounts except the-
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Question 2 of 25
2. Question
1 points
Category: Fundamentals of Accounting & Auditing
When cash is received for life membership, which one of the following double entries is passed?
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Question 3 of 25
3. Question
1 points
Category: Fundamentals of Accounting & Auditing
Rent expense of a non-profit organization paid in advance. Which of the following is the correct classification of rent paid in advance?
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Question 4 of 25
4. Question
1 points
Category: Fundamentals of Accounting & Auditing
XYZ club has a bar that maintains a separate trading account for its trading activities. Which of the following is the treatment of profit or loss on bar trading activities?
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Question 5 of 25
5. Question
1 points
Category: Fundamentals of Accounting & Auditing
An advance receipt of subscription from a member of the non-profit organization is considered as a/an-
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Question 6 of 25
6. Question
1 points
Category: Fundamentals of Accounting & Auditing
In accounting for not-for-profit organizations, revenues and expenses are reported at______amounts and most gains and losses are reported at______amounts.
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Question 7 of 25
7. Question
1 points
Category: Fundamentals of Accounting & Auditing
Purchase of a fixed asset by a non-profit organization will be shown in-
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Question 8 of 25
8. Question
1 points
Category: Fundamentals of Accounting & Auditing
The balance sheet of a non-profit organization such as a charitable hospital doesn’t contain the
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Question 9 of 25
9. Question
1 points
Category: Fundamentals of Accounting & Auditing
Which of the following is to be recorded in an income and expenditure account?
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Question 10 of 25
10. Question
1 points
Category: Fundamentals of Accounting & Auditing
A not-for-profit entity has all of the following characteristic except that it will-
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Question 11 of 25
11. Question
1 points
Category: Fundamentals of Accounting & Auditing
Honorarium is a kind of remuneration paid to a person who is not the employee of a non-profit organization. Which of the following statements it true about the honorarium payment?
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Question 12 of 25
12. Question
1 points
Category: Fundamentals of Accounting & Auditing
The capital of a non-profit organization is generally known as-
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Question 13 of 25
13. Question
1 points
Category: Fundamentals of Accounting & Auditing
In case of a non-profit organization, life member-ship fee is treated as-
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Question 14 of 25
14. Question
1 points
Category: Fundamentals of Accounting & Auditing
XYZ club has a restaurant that maintains a separate trading account for its trading activities. Which of the following is the treatment of profit or loss on restaurant trading activities?
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Question 15 of 25
15. Question
1 points
Category: Fundamentals of Accounting & Auditing
Which of the following is the accounting equation for a non-profit organization?
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Question 16 of 25
16. Question
1 points
Category: Fundamentals of Accounting & Auditing
In case of a non-profit organization rent of building is due but not yet received by it is considered as a/an-
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Question 17 of 25
17. Question
1 points
Category: Fundamentals of Accounting & Auditing
Income and expenditure accounts show
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Question 18 of 25
18. Question
1 points
Category: Fundamentals of Accounting & Auditing
The amount or property received by a non-profit organization as stated by the will of a decease person is commonly referred to as-
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Question 19 of 25
19. Question
1 points
Category: Fundamentals of Accounting & Auditing
Investment in sinking fund by a non-profit organization is a/an-
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Question 20 of 25
20. Question
1 points
Category: Fundamentals of Accounting & Auditing
In accounting of non-profit organizations, the sale of old newspapers is generally considered as a/an-
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Question 21 of 25
21. Question
1 points
Category: Fundamentals of Accounting & Auditing
A club is of 20 members. Subscription per member is 3,000 .a. Outstanding subscription at the beginning an end of the year were 18,000 & 28,000 respectively. Amount of subscription to be shown in Receipts & Payments A/c will be-
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Question 22 of 25
22. Question
1 points
Category: Fundamentals of Accounting & Auditing
A club is of 100 members. Subscription per member is 2,500 p.a. 2,18,000 are received during the year 2016-2017 which includes 20,000 and 15,000 subscription for the years 2015-2016 and 2017-2018 respectively. At the end of the year 2016-2017, the amount of outstanding subscription will be-
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Question 23 of 25
23. Question
1 points
Category: Fundamentals of Accounting & Auditing
A club is of 100 members. Subscription per member is 2,500 p.a. 2,18,000 are received during the year 2016-2017 which includes 20,000 and 15,000 subscription for the years 2015-2016 and 2017-2018 respectively. At the end of the year 2016-2017, the amount of subscription received in advance will be-
Correct
Incorrect
Question 24 of 25
24. Question
1 points
Category: Fundamentals of Accounting & Auditing
A non-profit organization received 10,000 as the entrance fee of a new member. If 20% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account?
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Incorrect
Question 25 of 25
25. Question
1 points
Category: Fundamentals of Accounting & Auditing
Following details are available for Satara social club.
Closing balance of capital fund = 4,67,000
Donation capitalized during the year = 12,500
Surplus in Income & Expenditure A/c = 18,750
Opening balance of capital fund must be-
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