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]
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