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.
Students who are searching for NCERT MCQ Questions Class 12 Accounting for Not for Profit Organisation with Answers are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Accounting for Not for Profit Organisation with Answers. You can also verify your answers from the provided MCQ Class 12 Accounting for Not for Profit Organisation with Answers. So, ace up your preparation with MCQ of Class 12 Accountancy Examinations.
MCQ Questions Class 12 Accounting for Not for Profit Organisation with Answers - Set - 2
Question 1:Â
The control of non trading concern rest in the hand of
(a) Directors
(b) managing Agents
(c) Governing body
(d) Promoters
Correct Answer – (C)
Question 2:Â
On What basis receipts and payments account is made
(a) Cash basis
(b) Accrual basis
(c) Both Cash & Accrual basis
(d) None of the above
Correct Answer – (A)
Question 3:Â
Subscription received but not yet earned is considered as
(a) Asset
(b) Liability
(c) Income
(d) Expenditure
Correct Answer – (B)
Question 4:Â
Which of the following is the accounting equation for a non-profit organisation?
(a) Asset= Capital + Liabilities
(b) Capital+ Liabilities= Assets
(c) Accumulated Fund+ Liabilities= Assets
(d) Liabilities= Assets + Accumulated Fund
Correct Answer – (C)
Question 5:Â
XYZ club has a bar that maintains a separate trading account for its trading activities. Which of the following is the treatment of profit or loss on bar trading activities?
(a) Profit or loss is directly shown in the Balance Sheet
(b) Profit or loss is to be presented in income and expenditure account
(c) Profit and loss is credited in income statement.
(d) Profit or loss is added to accumulated fund
Correct Answer – (B)
MCQ Questions Class 12 Accounting for Not for Profit Organisation With Answers
Question 6:Â
Specific Donation received by NPO is shown in the
(a) Credit side of Income and Expenditure Account,
(b) Debit side of Income and Expenditure Account
(c) Liabilities side of Balance Sheet.
(d) As is decided by the management
Correct Answer – (C)
Question 7:Â
Which of the following is not a capital receipt?
(a) Donations for tournament
(b) Donations for building fund
(c) Life membership fee
(d) Entrance fees
Correct Answer – (D)
Question 8:Â
Donation received for special purpose is a :
(a) Liability
(b) Revenue Receipt
(c) Capital Receipt
(d) None of these U
Correct Answer – (C)
Question 9:Â
Which of the following is not a revenue receipt?
(a) Donations for Tournament
(b) Government Grants
(c) Subscriptions
(d) Entrance Fees
Correct Answer – (A)
Question 10:Â
Receipts and Payments Account is a Summary of :
(a) Debit and Credit balances of Ledger Account
(b) Cash Receipts and Payments
(c) Incomes and Expenses
(d) Balances of assets and liabilities U
