Bihar Board 12th Accountancy Objective Answers Chapter 1 Accounting for Non-profit Organization

Bihar Board 12th Accountancy Objective Questions and Answers

Bihar Board 12th Accountancy Objective Answers Chapter 1 Accounting for Non-profit Organization

Class 12 Accountancy Chapter 1 Npo Notes Bihar Board Question 1.
Income and Expenditure Account is:
(A) Personal Account
(B) Real Account
(C) Nominal Account
(D) None of these
Answer:
(C) Nominal Account

Not For Profit Organisation Class 12 Solutions Bihar Board Question 2.
Life Membership Fees received by a club is shown in :
(A) Income and Expenditure A/c
(B) Balance Sheet
(C) Receipts and Payments A/c
(D) None of these
Answer:
(B) Balance Sheet

Accounting For Non Profit Organisation Questions And Answers Bihar Board Question 3.
Receipts and Payments Account is a :
(A) Personal Account
(B) Real Account
(C) Nominal Account
(D) None of these
Answer:
(B) Real Account

Non Profit Organisation Accounting 12th Bihar Board Question 4.
Income and Expenditure Account is prepared :
(A) By Business Organisation
(B) By Industrial Organisation
(C) By Not-for-Profit Organisation
(D) By All Organisations
Answer:
(C) By Not-for-Profit Organisation

Accounting For Not For Profit Organisation Class 12 Solutions Bihar Board Question 5.
Payment of honorarium to secretary is treated as :
(A) Capital expenditure
(B) Revenue expenditure
(C) An Income
(D/) None of these
Answer:
(B) Revenue expenditure

Question 6.
Outstanding subscription is a:
(A) Income
(B) Asset
(C) (A) and (B) both
(D) None of these
Answer:
(C) (A) and (B) both

Question 7.
Legacies should be treated as :
(A) A Liability
(B) A Revenue Receipt
(C) An Income
(D) None of these
Answer:
(A) A Liability

Question 8.
The excess of assets over liabilities in non-trading concerns is termed as:
(A) Capital Fund
(B) Capital
(C) Profit
(D) Net Profit
Answer:
(A) Capital Fund

Question 9.
For a non-trading concern, honorarium paid is : ,
(A) An Income
(B) An Asset
(C) An Expense
(D) None of these
Answer:
(C) An Expense

Question 10
ntrance fees, unless otherwise stated, is treated as:
(A) A Capital Receipt
(B) A Revenue Income
(C) A Liability
(D) None of these
Answer:
(B) A Revenue Income

Question 11.
Specific donation is:
(A) Capital Receipt
(B) Revenue Receipt
(C) Asset
(D) None of these
Answer:
(A) Capital Receipt

Question 12.
Income and Expenditure Account records transactions of:
(A) Capital nature only
(B) Revenue nature only
(C) (A) and (B) both
(D) None of these
Answer:
(B) Revenue nature only

Question 13.
Life membership fee received by a club is:
(A) Revenue Receipt
(B) Capital Receipt
(C) (A) and (B) both
(D) None of these
Answer:
(B) Capital Receipt

Question 14.
All receipts of capital nature are shown in :
(A) Income and Expenditure A/c
(B) Balance Sheet
(C) P. & L. A/c
(D) None of these
Answer:
(B) Balance Sheet

Question 15.
All items of revenue in nature are shown in:
(A) Income and Expenditure A/c
(B) Balance Sheet
(C) (A) and (B) both
(D) None of these
Answer:
(A) Income and Expenditure A/c

Question 16.
Which of the following is not a not-for-profit organisation ?
(A) College
(B) Sports Club
(C) Maruti Udyog
(D) Hospital
Answer:
(C) Maruti Udyog

Question 17.
Subscriptions received in advance by a club are shown on… .of the Balance Sheet
(A) Assets Side
(B) Liabilities Side
(C) Debit Side
(D) Credit Side
Answer:
(B) Liabilities Side

Question 18.
Which of the following is not an income ?
(A) Subscription
(B) Donation
(C) Sale of Ticket
(D) Endowment Fund
Answer:
(D) Endowment Fund

Question 19.
Most transaction in non-trading concerns are:
(A) Cash
(B) Credit
(C) Both (A) and (B)
(D) None of these
Answer:
(A) Cash

Question 20.
The main object of non-profit organisation is:
(A) To earn Profit
(B) To Serve the Society
(C) To Prepare Profit & Loss A/c
(D) All the above
Answer:
(B) To Serve the Society

Question 21.
Subscription received by an organisation is:
(A) Capital Receipt
(B) Revenue Receipt
(C) Both (A) and (B)
(D) None of the above
Answer:
(B) Revenue Receipt

Question 22.
Receipts and Payments A/c is a summary of:
(A) All Capital Receipts and Payments
(B) All Revenue Receipts and Payments
(C) All Revenue and Capital Receipts and Payments
(D) None of the above
Answer:
(C) All Revenue and Capital Receipts and Payments

Question 23.
Subscription received by a schoblfbr organising annual V function is treated as:
(A) Capital Receipt
(B) Revenue Receipt
(C) Asset
(D) Earned Income
Answer:
(C) Asset

Question 24.
Out of the following items, which one is shown in the Receipts and Payments Account?
(A) Outstanding Salary
(B) Depreciation
(C) Life Membership Fees
(D) Accrued Subscription
Answer:
(B) Depreciation

Question 25.
In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:
(A) Liabilities side of the Balance Sheet
(B) Debit side the Income and Expenditure Account
(C) Credit side of the Income and Expenditure Account
(D) Assets side of the Balance Sheet
Answer:
(B) Debit side the Income and Expenditure Account

Question 26.
All receipts from sale of consumable items are treated as:
(A) Capital Receipts
(B) Revenue Receipts
(C) Both (A) and (B)
(D) None of these
Answer:
(B) Revenue Receipts

Question 27.
Capital fUnd is calculated:
(A) Income-Expenditure
(B) Assets Liabilities
(C) Capital + Liabilities
(D) None of these
Answer:
(B) Assets Liabilities

Question 28.
Subscription redeved in advance during the current year is:
(A) An income
(B) An Asset
(C) A liability
(D) None of these
Answer:
(C) A liability

Question 29.
Balance of Income and Expenditure Account shows:
(A) Cash in hand
(B) Capital Fund
(C) Net Profit
(D) Excess of Income over Expenditure or Vice Versa
Answer:
(D) Excess of Income over Expenditure or Vice Versa

Question 30.
Property received as a result of the will of the deceased person is called:
(A) Legacy
(B) Honorarium
(C) Donation
(D) Subscription
Answer:
(A) Legacy

Question 31.
Receipts and Payments Account usually indicates:
(A) Surplus
(B) Capital Fund
(C) Debit Balance
(D) Credit Balance
Answer:
(C) Debit Balance

Question 32.
Income and Expenditure Account generally indicates:
(A) Surplus/Deficit
(B) Cash Balance
(C) Capital Fund
(D) Net Profit/Loss
Answer:
(A) Surplus/Deficit

Question 33.
Donation received for a special purpose:
(A) Should be credited to Income and Expenditure A/c
(B) Should be credited to a separate account and shown in the Balance Sheet
(C) Should be shown on the Assets side of the Balance Sheet
(D) None of these ,
Answer:
(B) Should be credited to a separate account and shown in the Balance Sheet

Question 34.
In not-for-profit organisation, excess of expenditure over income is called :
(A) Loss
(B) Profit
(C) Deficit
(D) Surplus
Answer:
(C) Deficit

Question 35.
Which of the following is a non-profitable organisation ?
(A) Jharkhand Academic Council
(B) Tata Steel
(C) Air India
(D) Reliance Co. Ltd.
Answer:
(A) Jharkhand Academic Council

Question 36.
Income and Expenditure Account is preparedly :
(A) Trending Organisation
(B) Non-trading Organisation
(C) Both (A) and (B)
(D) None of these
Answer:
(B) Non-trading Organisation

Question 37.
Sale of old newspapers is:
(A) Capital Receipt
(B) Revenue Receipt
(C) Asset
(D) Profit
Answer:
(B) Revenue Receipt

Question 38.
Income and expenses related to the prize fund is shown in:
(A) Income and Expenditure Account
(B) Assets side of the Balance Sheet
(C) Liabilities side of the Balance Sheet
(D) Cash Account
Answer:
(A) Income and Expenditure Account

Question 39.
Which of the following is not a not-for-profit organisation:
(A) School
(B) Hospital
(C) Club
(D) Partnership Firm
Answer:
(D) Partnership Firm

Question 40.
Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income from subscription will be :
(A) 48,000 Rs.
(B) 64,000 Rs.
(C) 52,000 Rs.
(D) 36,000 Rs.
Answer:
(C) 52,000 Rs.

Question 41.
Subscription received during the year ₹ 1,80,000 Subscriptions outstanding at the end of the year ₹ 20,000 Subscriptions received in advance at the end of the year ₹ 10,000. The amount of subscription to be credited to Income and Expenditure Account will be:
(A) ₹ 2,10,000
(B) ₹ 1,90,000
(C) ₹ 1,70,000
(D) ₹ 2,00,000
Answer:
(B) ₹ 1,90,000

Question 42.
In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
(A) Liabilities side of the Balance Sheet
(B) Debit side of the Income and Expenditure Account
(C) Credit side of the Income and Expenditure Account
(D) Assets side of the Balance Sheet
Answer:
(B) Debit side of the Income and Expenditure Account