Not-for-Profit Organisation MCQs : This section focuses on the "Not-for-Profit Organisation" in Accountancy Class 12. These Multiple Choice Questions (MCQs) should be practiced to improve the Accountancy Class 12 skills required for various interviews (campus interview, walk-in interview, company interview), placement, entrance exam and other competitive examinations.
Question 1
_________ Organisations are the establishments that are for utilised for the welfare of the community and are set up as charitable associations which operate without any motive for profit.
A. Non-Profit
B. Not-for-Profit
C. Profit
D. None of the above
Question 2
Their primary objective is to provide service to a specific class or the public.
A. TRUE
B. FALSE
C. Can be true or false
D. Can not say
Question 3
They ___________ produce, buy or sell commodities and may not have credit transactions.
A. do
B. do not
C. surely
D. None of the above
Question 4
The major sources of their income is?
A. subscriptions
B. member’s donations
C. income from investments
D. All of the above
Question 5
Receipts and Payments A/c is the summary of a :
A. Cash Book
B. Sales Book
C. Purchases Book
D. Journal
Question 6
Subscriptions received in advance during the accounting year is?
A. An Income
B. An Expense
C. An Asset
D. A Liability
Question 7
Income and Expenditure A/c is of the nature of?
A. Trial Balance
B. Deficit A/c
C. P&L A/C
D. Balance Sheet
Question 8
Cash received by converting an asset into cash is reflected in?
A. Conversion A/c
B. Receipts and Payments A/c
C. Contract A/c
D. Suspense A/c
Question 9
A proper structure of accounting is prudent to minimise the possibilities of embezzlement of the funds contributed by other donors and members.
A. Yes
B. No
C. Can be yes or no
D. Can not say
Question 10
If the credit side of Receipts and Payments A/c exceeds the debit side, the balance represents?
A. Bank charges
B. Commission
C. Bank overdraft
D. Interest