Financial Statements Of Non-Profit Organization CBSE Questions & Answers

Financial Statements Of Non-Profit Organization

This is Accountancy Class 11 Financial Statements of Non-Profit Organization CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

Specific donation is shown in

A
Trading account
B
Income and expenditure account
C
Balance sheet
Correct
D
Receipt and payment account

General donation is credited to

A
Income and expenditure account
Correct
B
Trading account
C
Balance sheet
D
Receipt and payment account

Which account give an idea about the cash position of a non-profit organization

A
Balance sheet
B
Receipt and payment account
Correct
C
Trading account
D
Receipt and payment account

An amount of Rs.5, 00,000 is received as Donation with condition that this amount will be invested as Fixed Deposit in a Bank. Income from this Investment will be used to distribute prizes to meritorious students of the society It is an example of

A
Prize
B
Legacy
C
Grants
D
Endowment fund
Correct

Mr. Shyam lal writes his will that his property will be transferred (after his death) to a Not-for-profit Organization. After death of Mr. Shyam lal, his property will be treated as capital receipt by concerned Not-for-profit Organization under the head

A
Donation
B
Legacy
Correct
C
Subscription
D
Grants

There are 60 members of a Not-for-profit Organization and each member is required to pay a sum of 300 per annum to continue his/her membership. Hence this amount is known as

A
Partnership
B
Subscription
Correct
C
Donation
D
Grants

Match the following. Options are as follows:

A
a(iii), b(iv), c(ii), d(i)
B
a(i), b(iii), c(ii), d(iv)
C
a(ii), b(i), c(iii), d(iv)
Correct
D
a(iii), b(i), c(iv), d(ii)

How will you treat the Billiard Match expenses of Rs.2500

A
Cr. side of Income and expenditure account
B
Dr. side of Receipt and payment account
C
Dr. side of Income and expenditure account
Correct
D
Cr. side of Receipt and payment account

Prize fund Rs.10000, Interest on prize fund investments Rs.1000, Prize paid Rs.2000, Prize fund investment Rs.8000.What will be its treatment

A
Rs.1000 on liability side
B
Rs.9000 on liability side
Correct
C
Rs.1700 on liability side
D
Rs.9000 on assets side

Second hand furniture worth Rs.6000 was purchased. It was repaired for Rs.600 and installed by the workers to whom Rs.200 were paid as wages. For what amount should the furniture be capitalized

A
Rs.6000
B
Rs.6800
Correct
C
Rs.5200
D
Rs.6850

Calculate the amount to be recorded on the liabilities side of balance sheet. Tournament fund – Rs.20000, Tournament expenses- Rs.6000, Tournament- Rs.8000

A
Rs.6000
B
Rs.34000
C
Rs.18000
D
Rs.22000
Correct

How will you treat the following. Poor girl’s marriage fund- Rs.500000, Donation received towards fund- Rs.50000, expenditure during the year on Poor girl’s marriage fund – Rs.600000

A
Dr. balance Rs.100000
B
Cr. balance Rs.500000
C
Dr. balance Rs.50000
Correct
D
Dr. balance Rs.600000

Balance on tournament fund as on 01/04/2011 was Rs.80000.During the year 2011-2012 Tournament expenses- Rs.28000, and receipt from tournament were Rs.18500. State the amount to be shown on liability side

A
Rs.90500
B
Rs.70500
Correct
C
Rs.65000
D
Rs.85000

Subscriptions received during the year were Rs.26000 including Rs.2000 for previous year and Rs.11000 for the next year. State the amount to be transferred as subscription to Income and expenditure account for current year

A
Rs.12000
B
Rs.39000
C
Rs.17000
D
Rs.13000
Correct

Receipt from sale of consumable item is accounted as __________

A
Expense
B
Capital item
C
Revenue item
Correct
D
Fund