Account class 12 Financial Statements of Not for Profit

1. Not for profit organisations prepare ;

Income and expenditure account.

Trading and profit and loss account.

Only the trading account.

None of the above

2. Receipt and payment account is a summary of ;

Debit and credit balance of ledger account.

Cash receipt and payments.

Incomes and expenses.

Balance of asset and liabilities.

3. Subscription received in advance by a club are shown ;

In the credit side of the income and expenditure account.

In the asset side of the balance sheet.

In the liability side of the balance sheet.

In the payment side of the Receipts and payments account.

4. Donation received for special purpose is a ;

Liability

Revenue receipts

Capital receipt

none of these

5. Receipt and payment account is a ;

Nominal account

Real account

Personal account

None of these

6. Income and expenditure account shows ;

Cash in hand

Surplus or deficit

Capital account

None of these

7. Subscription received in advance during the current year is ;

An income

An asset

A liability

None of these

8. If there is a ‘Match fund’, then match expenses and match incomes are transferred to ;

Income and expenditure A/c

Asset side of balance sheet

Liability side of balance sheet

Both income and expenditure A/c and to a balance sheet