Final Accounts of Non-Profit Org – 25 Easy MCQs

Here are the 25 Solved MCQs of the Final Accounts of Non-Profit Organization. These MCQs will develop your concept and help to improvise your exams preparation. A soft copy of these MCQs is also available.

Final Accounts of Non-Profit Org (1-15 MCQs)

  1. Income and expenditures account records income and expenditures of
    1. Capital nature
    1. Revenue nature
    1. Fictitious nature
    1. Permanent nature
  2. Income and expenditure account is a
    1. Unreal account
    1. Normal account
    1. Personal account
    1. Real account
  3. The receipt and payment account begin with
    1. Credit balance
    1. Zero balance
    1. Debit balance
    1. None of the above
  4. Receipt and payment account is a
    1. Real account
    1. Personal account
    1. Nominal account
    1. None of the above
  5. The credit balance of income and expenditure account at the end of the year shows
    1. Deficit
    1. Infinity
    1. Surplus
    1. None of the above
  6. Day-to-day transaction of a hotel recorded in
    1. Cash book
    1. Ledger
    1. Receipt and payment account
    1. Income and expenditure account
  7. Which of the following item should be pasted to income and expenditure account of a club?
    1. Donation received for building
    1. Donation received of small amount but for nonspecific purpose
    1. Donation receive for a big amount for nonspecific purpose
    1. All of the above
  8. Which of the following item should not be posted to income and expenditure account of a club?
    1. Payment of honorarium
    1. Sales realization from furniture
    1. Loss in the sale of some asset
    1. Sale of old newspaper
  9. Which of the following items should not be entered in receipts and payments account of a club?
    1. Sale realization from furniture
    1. Sale of old newspaper
    1. Payment of honorarium
    1. None of the above
  10. Specific donations received for library should be carried to
    1. Liability side of the balance sheet
    1. Assets side of the balance sheet
    1. Income and expenditure account
    1. None of the above
  11. Sale of grass in the case of sports club is
    1. An asset
    1. A capital receipts
    1. A revenue receipts
    1. A liability
  12. Income and expenditure account of a school will be debited with
    1. Fines realized from students
    1. Cost of maps on geography
    1. Tuition fees
    1. None of the above
  13. Income and expenditure account include figures relating to
    1. Current year
    1. Previous years
    1. Coming years
    1. None of the above
  14. Which of the following items will not appear in the balance sheet of a hotel?
    1. Subscription received for the previous year
    1. Subscription received for the next year
    1. Subscription received for the current year
    1. Subscription not received for the current year
  15. Subscription received in advance will not appear in the
    1. Receipts and payment account
    1. Income and expenditure account
    1. Trial balance
    1. Balance sheet

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Quiz with Answers

2

Final Accounts – Non Profit Organization

Quiz with Answers

1 / 25

Income and expenditures account records income and expenditures of

2 / 25

Income and expenditure account is a

3 / 25

The receipt and payment account begin with

4 / 25

Receipt and payment account is a

5 / 25

The credit balance of income and expenditure account at the end of the year shows

6 / 25

Day-to-day transaction of a hotel recorded in

7 / 25

Which of the following item should be pasted to income and expenditure account of a club?

8 / 25

Which of the following item should not be posted to the income and expenditure account of a club?

9 / 25

Which of the following items should not be entered in the receipts and payments account of a club?

10 / 25

Specific donations received for library should be carried to

11 / 25

The sale of grass in the case of a sports clubs is

12 / 25

The income and expenditure account of a school will be debited with

13 / 25

Income and expenditure account include figures relating to

14 / 25

Which of the following items will not appear in the balance sheet of a hotel?

15 / 25

Subscription received in advance will not appear in the

16 / 25

On which side of the income and expenditure account, the excess of expenditure over income is shown on the

17 / 25

Admission fees received by a cricket club is a

18 / 25

Specific donation received by a charitable organization is

19 / 25

Income and expenditure account show items of

20 / 25

In receipts and payment account the legacy is generally shown on the

21 / 25

Tournament expenses should be

22 / 25

Amount received from sale of scraps by a charitable hospital is treated as

23 / 25

Subscription outstanding at the beginning of the year was Rs. 2,000 and received during the year is Rs. 2,000. What amount will be shown in the income and expenditure account of the hotel?

24 / 25

On which side of the balance sheet, the interest receivable an investment of a charitable organization should be shown?

25 / 25

Profit on the sale of furniture in non-profit organizations is to be shown on the

Final Accounts of Non-Profit Org (16-25 MCQs)

  1. On which side of the income and expenditure account, the excess of expenditure over income is shown on the
    1. Credit side
    1. Debit side
    1. Both of the above
    1. None of the above
  2. Admission fees received by a cricket club is a
    1. Liability
    1. Expense
    1. Revenue receipt
    1. Capital receipt
  3. Specific donation received by a charitable organization is
    1. Always treated as revenue receipt
    1. Always capitalized
    1. Capitalized only when the amount is large
    1. Always treated as income
  4. Income and expenditure account show items of
    1. Revenue nature only
    1. Capital nature only
    1. Both a and b
    1. None of the above
  5. In receipts and payment account the legacy is generally shown on the
    1. Debit side
    1. Credit side
    1. Below side
    1. Upper side
  6. Tournament expenses should be
    1. Recorded as capital asset
    1. Posted as expenditure
    1. Deducted from tournament fund
    1. Recorded as revenue expenditures
  7. Amount received from sale of scraps by a charitable hospital is treated as
    1. Expense
    1. Asset
    1. Liability
    1. Income
  8. Subscription outstanding at the beginning of the year was Rs. 2,000 and received during the year is Rs. 2,000. What amount will be shown in the income and expenditure account of the hotel?
    1. Rs. 20,000
    1. Rs. 18,000
    1. Rs. 2,000
    1. Rs. 22,000
  9. On which side of the balance sheet, the interest receivable an investment of a charitable organization should be shown?
    1. Asset side
    1. Liability side
    1. Both of the above
    1. None of the above
  10. Profit on the sale of furniture in non-profit organizations is to be shown on the
    1. Receipt side of receipts and payments account
    1. Payment sides of receipts and payments account
    1. Credit side of the profit and loss account
    1. Credit side of the income and expenditure account
Final Accounts of Non-Profit Org
Final Accounts of Non-Profit Org

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