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 - 4
Question 1:Â
Furniture as on 31st March, 2019 Rs. 4,40,000. Furniture (having Book value as on 1st April, 2018 of Rs. 40,000) sold at a loss of 20% on 31st December, 2018. Furniture is depreciated @ 10% p.a. Furniture costing Rs. 3,00,000 was also purchased on 1st October, 2018. Calculate Loss on sale of furniture.
(a) Rs. 9,400
(b) Rs. 6,400
(c) Rs. 8,000
(d) Rs. 7,400
Correct Answer – (D)
Question 2:Â
Receipts and Payments Account is prepared on
(a) Cash Basis.
(b) Time Basis.
(c) Accrual Basis.
(d) Sales Basis.
Correct Answer – (A)
Question 3:Â
Deficit balance can be shown in balance Sheet as:
(a) Liability
(b) Assets
(c) Owner’s equity
(d) None of the above
Correct Answer – (B)
Question 4:Â
Which should be considered as capital receipt of a club
(a) Donation
(b) sale of newspaper
(c)) sale of bar items
(d) sale of furniture
Correct Answer – (D)
Question 5:Â
Income and Expenditure Account shows :
(a) Cash in hand
(b) Surplus or Deficiency
(c) Capital Account
(d) None of these
Correct Answer – (A)
MCQ Questions Class 12 Accounting for Not for Profit Organisation With Answers
Question 6:Â
The opening balance of the Prize fund of a sports club was Rs.6,400. Further donations towards this fund received during the accounting year amounted to Rs.4,300. During the year, Rs. 3,500 was spent on prizes and Rs. 400 was received as interest on investment of the Prize Fund. The closing balance of the Prize fund is
(a) Rs. 1,900
(b) Rs.10,200
(c) Rs.10,600
(d) Rs.7,600
Correct Answer – (D)
Question 7:Â
Income and Expenditure Account generally indicates:
(a) Surplus/Deficit
(b) Cash Balance
(c) Capital Fund
(d) Net Profit/Loss
Correct Answer – (A)
Question 8:Â
Income and Expenditure Account is prepared on
(a) Cash Basis.
(b) Accrual Basis.
(c) Both (a) and (b).
(d) Sales Basis,
Correct Answer – (B)
Question 9:Â
Subscription received in advance during the current year is
(a) an income.
(b) an asset.
(c) a liability.
(d) None of these
Correct Answer – (C)
Question 10:Â
Receipt and Payment account includes
(a) Revenue items
(b) Cash items
(c) Revenue & Cash items
(d) None of the above
