MCQ Questions Class 12 Accounting for Not for Profit Organisation With Answers

CBSE Class 12 Accounting for Not for Profit Organisation Multiple Choice Questions with Answers. MCQ Questions Class 12 Accounting for Not for Profit Organisation with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 12 Accounting for Not for Profit Organisation with Answers to know their preparation level.

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MCQ Questions Class 12 Accounting for Not for Profit Organisation with Answers - Set - 5

Question 1:

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

Check Answer

Correct Answer – (B)

Question 2:

Receipt & Payment Account shows
(a) A debit balance
(b) A credit balance
(c) Surplus or deficit
(d) Capital fund

Check Answer

Correct Answer – (A)

Question 3:

Subscription received by an organisation is:
(a) Capital Receipt
(b) Revenue Receipt
(c) Both (a) and (b)
(d) None of the above

Check Answer

Correct Answer – (B)

Question 4:

Donation received for a special purpose:
(a) Should be credited to Income and Expenditure Account
(b) Should be credited to separate account and shown in the Balance Sheet
(c) Should be shown on the assets side
(d) Should not be recorded at all.

Check Answer

Correct Answer – (B)

Question 5:

Fixed assets fund is
(a) Endowment Fund
(b) Current restricted Fund
(c) Current unrestricted fund
(d) Meant for accounting of asses and depreciation

Check Answer

Correct Answer – (D)

MCQ Questions Class 12 Accounting for Not for Profit Organisation With Answers

Question 6:

Out of the following items, which is shown in the ‘Receipts and Payments A/c’ of a not for profit organisation?
(a) Subscription received in advance
(b) Last year subscription received
(c) Current year subscription received
(d) All of the above

Check Answer

Correct Answer – (D)

Question 7:

Subscription received in cash during the year amounted to Rs.5,00,000; subscription outstanding at the end of previous year was Rs.20,000 and outstanding at the end of current year was Rs.25,000. Subscription received in advance for next year was Rs. 8,000 and received in advance during previous year was Rs.7,000. The amount credited to Income & Expenditure Account will be :
(a) Rs. 5,04,000
(b) Rs. 5,06,000
(c) Rs. 4,96,000
(d) Rs. 4,94,000

Check Answer

Correct Answer – (A)

Question 8:

Amount received from the sale of old furniture by a club is treated as:
(a) Revenue Receipt
(b) Capital Receipt
(c) Asset
(d) liability

Check Answer

Correct Answer – (B)

Question 9:

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.

Check Answer