Accounting for non-profit organization – Test 2

Non-profit organizations prepare all of the following accounts except the-

When cash is received for life membership, which one of the following double entries is passed?

Rent expense of a non-profit organization paid in advance. Which of the following is the correct classification of rent paid in advance?

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?

An advance receipt of subscription from a member of the non-profit organization is considered as a/an-

In accounting for not-for-profit organizations, revenues and expenses are reported at______amounts and most gains and losses are reported at______amounts.

Purchase of a fixed asset by a non-profit organization will be shown in-

The balance sheet of a non-profit organization such as a charitable hospital doesn’t contain the

Which of the following is to be recorded in an income and expenditure account?

A not-for-profit entity has all of the following characteristic except that it will-

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?

The capital of a non-profit organization is generally known as-

In case of a non-profit organization, life member-ship fee is treated as-

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?

Which of the following is the accounting equation for a non-profit organization?

In case of a non-profit organization rent of building is due but not yet received by it is considered as a/an-

Income and expenditure accounts show

The amount or property received by a non-profit organization as stated by the will of a decease person is commonly referred to as-

Investment in sinking fund by a non-profit organization is a/an-

In accounting of non-profit organizations, the sale of old newspapers is generally considered as a/an-

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-

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-

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-

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?

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-