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Chapter 2, Accounts of ‘Not for Profit’ Concerns, [Latest edition], Select the most appropriate, alternative, from those given below,

08 Nov 2020 6:01 am

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.
Chapter 2 – Accounts of ‘Not for Profit’ Concerns [Latest edition]

Select the most appropriate alternative from those given below.

  1. Not for Profit Concern renders __________ services to public at large.

Commercial

Social

IndividualGroup

2. Income and Expenditure Account is a ________ AccountCapital 

Real

Personal

Nominal

3. Outstanding subscription at the end of the Accounting Year represents _______

Liability

An Expenditure

An Asset

Capital Fund


4. Subscription received in advance during the accounting year is_______ .

An Income

An Expense

An Asset

A Liability


5. Excess of Income over Expenditure is termed as ___________

Deficit

Profit

Surplus

Loss


6. Not for Profit Concerns prepares _________ account instead of Profit and Loss account to know the result.

Trading

Income and Expenditure

Cash

Receipt and Payments


7. The closing balance of Receipts and Payments account usually represent _______

Closing Stock

Cash and Bank Balance

Surplus

Deficit


8. Not for Profit Organization is also called __________ organization.

Service

Trading

Profit Making

Commercial

Expenditure on Purchase of Building is a ________ Expenditure.

Capital

Revenue

General

Recurring

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