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 - 1
Question 1:
Which of the following is to be recorded in an income and Expenditure Account
(a) Purchase of a fixed Asset
(b) Capital Expenditure incurred on a fixed asset
(c) Profit on the sale of a fixed asset
(d) Sale of a fixed asset
Correct Answer – (C)
Question 2:
Which of the following is regarded as apt to show purchase of fixed asset for a non profit organisation
(a) Income & Expenditure Account
(b) Profit & Loss Account
(c) Balance Sheet
(d) None of the above
Correct Answer – (C)
Question 3:
Income & Expenditure Account is based on
(a) Cash Accounting
(b) Accrual Accounting
(c) Government Accounting
(d) Management Accounting
Correct Answer – (B)
Question 4:
In regard to Rent expenses paid in advance of a non- profit organisation which of the following classification is correct
(a) Expense
(b) Liability
(c) Equity
(d) Assets
Correct Answer – (D)
Question 5:
The Receipt and Payment account of a Non- Profit Organisation is a
(a) Nominal Account
(b) Real Account
(c) Income Statement Account
(d) Financial Statements
Correct Answer – (B)
MCQ Questions Class 12 Accounting for Not for Profit Organisation With Answers
Question 6:
Receipts and payments account makes no difference between:
(a) Capital Receipts and Capital payments
(b) Revenue receipts and revenue payments
(c) Current year and previous year
(d) All the above.
Correct Answer – (D)
Question 7:
Subscription received in advance during the current year is :
(a) An income
(b) An asset
(c) A liability
(d) None of these R
Correct Answer – (C)
Question 8:
Which of the following statements is not true for Receipts and Payments Account?
(a) It is a summary of the Cash Book.
(b) It records receipts and payments of revenue nature only.
(c) The receipts and payments may relate to current, preceding, or succeeding accounting periods.
(d) Depreciation is not shown in it.
Correct Answer – (B)
Question 9:
If Income is Rs.16,000 and deficit debited to Capital Fund is Rs.4,300 then Expenditure is:
(a) 16,000
(b) 4,300
(c) 20,300
(d) None of these
Correct Answer – (C)
Question 10:
Which of the following is an example of not-profit-organisation:
(a) Public hospitals
(b) Corporations
(c) Audit firm
(d) Insurance companies.
