Chapter 2: Accounts of ‘Not for Profit’ Concerns.

30 Dec 2020 6:44 pm

Balbharati, Solutions, for, Book-keeping, and, Accountancy, 12th, Standard, Hsc, Maharashtra, State, Board, Chapter 2, Accounts of ‘Not for Profit’ Concerns, Full solution,

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Select the most appropriate alternative from those given below.

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

Commercial

Social

Individual

Group


Income and Expenditure Account is a ________ Account

Capital

 Real

Personal

Nominal

Outstanding subscription at the end of the Accounting Year represents _______

Liability

An Expenditure

An Asset

Capital Fund


Subscription received in advance during the accounting year is_______ .

An Income

An Expense

An Asset

A Liability


Excess of Income over Expenditure is termed as ___________

Deficit

Profit

Surplus

Loss


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

Trading

Income and Expenditure

Cash

Receipt and Payments


The closing balance of Receipts and Payments account usually represent _______

Closing Stock

Cash and Bank Balance

Surplus

Deficit


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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