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.
Accounting for Not for Profit Organisation Class 12 MCQs Questions with Answers
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
We hope the given NCERT MCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers Pdf free download will help you. If you have any queries regarding CBSE Class 12 Accountancy Accounting for Not for Profit Organisation MCQs Multiple Choice Questions with Answers, drop a comment below and we will get back to you soon.