Accounting for Not for Profit Organisation Class 12 MCQ Online Test With Answers Questions

Check the below NCERT MCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers Pdf free download. MCQ Questions for Class 12 Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accounting for Not for Profit Organisation Class 12 Accountancy MCQs Questions with Answers to help students understand the concept very well.

Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation MCQ With Answers

Accountancy Class 12 Chapter 1 MCQs On Accounting for Not for Profit Organisation

Npo MCQ Class 12 Question 1.
Receipts and Payments A/c is a summary of:
(a) All Capital Receipts and Payments
(b) All Revenue Receipts and Payments
(c) All Revenue and Capital Receipts and Payments
(d) None of the above

Answer

Answer: (c) All Revenue and Capital Receipts and Payments

MCQ Of Npo Class 12 Question 2.
Subscription received by a schoblfbr organising annual V function is treated as:
(a) Capital Receipt
(b) Revenue Receipt
(c) Asset
(d) Earned Income

Answer

Answer: (c) Asset

MCQ On Non Profit Organisation Pdf Question 3.
Out of the following items, which one is shown in the Receipts and Payments Account?
(a) Outstanding Salary
(b) Depreciation
(c) Life Membership Fees
(d) Accrued Subscription

Answer

Answer: (b) Depreciation

Npo MCQ Questions Question 4.
In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:
(a) Liabilities side of the Balance Sheet
(b) Debit side the Income and Expenditure Account
(c) Credit side of the Income and Expenditure Account
(d) Assets side of the Balance Sheet

Answer

Answer: (b) Debit side the Income and Expenditure Account

MCQ Of Accountancy Class 12 Chapter 1 Question 5.
All receipts from sale of consumable items are treated as:
(a) Capital Receipts
(b) Revenue Receipts
(c) Both (a) and (b)
(d) None of these

Answer

Answer: (b) Revenue Receipts

Npo Class 12 MCQ Question 6.
Capital fUnd is calculated:
(a) Income-Expenditure
(b) Assets Liabilities
(c) Capital + Liabilities
(d) None of these

Answer

Answer: (b) Assets Liabilities

Question 7.
Subscription redeved in advance during the current year is:
(a) An income
(b) An Asset
(c) A liability
(d) None of these

Answer

Answer: (c) A liability

Question 8.
Balance of Income and Expenditure Account shows:
(a) Cash in hand
(b) Capital Fund
(c) Net Profit
(d) Excess of Income over Expenditure or Vice Versa

Answer

Answer: (d) Excess of Income over Expenditure or Vice Versa

Question 9.
Property received as a result of the will of the deceased person is called:
(a) Legacy
(b) Honorarium
(c) Donation
(d) Subscription

Answer

Answer: (a) Legacy

Question 10.
Receipts and Payments Account usually indicates:
(a) Surplus
(b) Capital Fund
(c) Debit Balance
(d) Credit Balance

Answer

Answer: (c) Debit Balance

Question 11.
Income and Expenditure Account generally indicates:
(a) Surplus/Deficit
(b) Cash Balance
(c) Capital Fund
(d) Net Profit/Loss

Answer

Answer: (a) Surplus/Deficit

Question 12.
Donation received for a special purpose:
(a) Should be credited to Income and Expenditure A/c
(b) Should be credited to a separate account and shown in the Balance Sheet
(c) Should be shown on the Assets side of the Balance Sheet
(d) None of these

Answer

Answer: (b) Should be credited to a separate account and shown in the Balance Sheet

Question 13.
In not-for-profit organisation, excess of expenditure over income is called :
(a) Loss
(b) Profit
(c) Deficit
(d) Surplus

Answer

Answer: (c) Deficit

Question 14.
Which of the following is a non-profitable organisation ?
(a) Jharkhand Academic Council
(b) Tata Steel
(c) Air India
(d) Reliance Co. Ltd.

Answer

Answer: (a) Jharkhand Academic Council

Question 15.
Income and Expenditure Account is preparedly :
(a) Trending Organisation
(b) Non-trading Organisation
(c) Both (a) and (b)
(d) None of these

Answer

Answer: (b) Non-trading Organisation

Question 16.
Sale of old newspapers is:
(a) Capital Receipt
(b) Revenue Receipt
(c) Asset
(d) Profit

Answer

Answer: (b) Revenue Receipt

Question 17.
Income and expenses related to the prize fund is shown in:
(a) Income and Expenditure Account
(b) Assets side of the Balance Sheet
(c) Liabilities side of the Balance Sheet
(d) Cash Account

Answer

Answer: (a) Income and Expenditure Account

Question 18.
Which of the following is not a not-for-profit organisation:
(a) School
(b) Hospital
(c) Club
(d) Partnership Firm

Answer

Answer: (d) Partnership Firm

Question 19.
Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income from subscription will be :
(a) 48,000 Rs.
(b) 64,000 Rs.
(c) 52,000 Rs.
(d) 36,000 Rs.

Answer

Answer: (c) 52,000 Rs.

Question 20.
Subscription received during the year ₹ 1,80,000 Subscriptions outstanding at the end of the year ₹ 20,000 Subscriptions received in advance at the end of the year ₹ 10,000. The amount of subscription to be credited to Income and Expenditure Account will be:
(a) ₹ 2,10,000
(b) ₹ 1,90,000
(c) ₹ 1,70,000
(d) ₹ 2,00,000

Answer

Answer: (b) ₹ 1,90,000

Question 21.
In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
(a) Liabilities side of the Balance Sheet
(b) Debit side of the Income and Expenditure Account
(c) Credit side of the Income and Expenditure Account
(d) Assets side of the Balance Sheet

Answer

Answer: (b) Debit side of the Income and Expenditure Account

Question 22.
Income and Expenditure Account is:
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) None of these

Answer

Answer: (c) Nominal Account

Question 23.
Life Membership Fees received by a club is shown in :
(a) Income and Expenditure A/c
(b) Balance Sheet
(c) Receipts and Payments A/c
(d) None of these

Answer

Answer: (b) Balance Sheet

Question 24.
Receipts and Payments Account is a :
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) None of these

Answer

Answer: (b) Real Account

Question 25.
Income and Expenditure Account is prepared :
(a) By Business Organisation
(b) By Industrial Organisation
(c) By Not-for-Profit Organisation
(d) By All Organisations

Answer

Answer: (c) By Not-for-Profit Organisation

Question 26.
Payment of honorarium to secretary is treated as :
(a) Capital expenditure
(b) Revenue expenditure
(c) An Income
(D/) None of these

Answer

Answer: (b) Revenue expenditure

Question 27.
Outstanding subscription is a:
(a) Income
(b) Asset
(c) (a) and (b) both
(d) None of these

Answer

Answer: (c) (a) and (b) both

Question 28.
Legacies should be treated as :
(a) A Liability
(b) A Revenue Receipt
(c) An Income
(d) None of these

Answer

Answer: (a) A Liability

Question 29.
The excess of assets over liabilities in non-trading concerns is termed as:
(a) Capital Fund
(b) Capital
(c) Profit
(d) Net Profit

Answer

Answer: (a) Capital Fund

Question 30.
For a non-trading concern, honorarium paid is:
(a) An Income
(b) An Asset
(c) An Expense
(d) None of these

Answer

Answer: (c) An Expense

Question 31.
Entrance fees, unless otherwise stated, is treated as:
(a) A Capital Receipt
(b) A Revenue Income
(c) A Liability
(d) None of these

Answer

Answer: (b) A Revenue Income

Question 32.
Specific donation is:
(a) Capital Receipt
(b) Revenue Receipt
(c) Asset
(d) None of these

Answer

Answer: (a) Capital Receipt

Question 33.
Income and Expenditure Account records transactions of:
(a) Capital nature only
(b) Revenue nature only
(c) (a) and (b) both
(d) None of these

Answer

Answer: (b) Revenue nature only

Question 34.
Life membership fee received by a club is:
(a) Revenue Receipt
(b) Capital Receipt
(c) (a) and (b) both
(d) None of these

Answer

Answer: (b) Capital Receipt

Question 35.
All receipts of capital nature are shown in :
(a) Income and Expenditure A/c
(b) Balance Sheet
(c) P. & L. A/c
(d) None of these

Answer

Answer: (b) Balance Sheet

Question 36.
All items of revenue in nature are shown in:
(a) Income and Expenditure A/c
(b) Balance Sheet
(c) (a) and (b) both
(d) None of these

Answer

Answer: (a) Income and Expenditure A/c

Question 37.
Which of the following is not a not-for-profit organisation ?
(a) College
(b) Sports Club
(c) Maruti Udyog
(d) Hospital

Answer

Answer: (c) Maruti Udyog

Question 38.
Subscriptions received in advance by a club are shown on… .of the Balance Sheet
(a) Assets Side
(b) Liabilities Side
(c) Debit Side
(d) Credit Side

Answer

Answer: (b) Liabilities Side

Question 39.
Which of the following is not an income ?
(a) Subscription
(b) Donation
(c) Sale of Ticket
(d) Endowment Fund

Answer

Answer: (d) Endowment Fund

Question 40.
Most transaction in non-trading concerns are:
(a) Cash
(b) Credit
(c) Both (a) and (b)
(d) None of these

Answer

Answer: (a) Cash

Question 41.
The main object of non-profit organisation is:
(a) To earn Profit
(b) To Serve the Society
(c) To Prepare Profit & Loss A/c
(d) All the above

Answer

Answer: (b) To Serve the Society

Question 42.
Subscription received by an organisation is:
(a) Capital Receipt
(b) Revenue Receipt
(c) Both (a) and (b)
(d) None of the above

Answer

Answer: (b) Revenue Receipt

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