MCQ Quiz on Final Accounts of Charitable Trust
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This MCQ Quiz on Final Accounts of Charitable Trust Free 45 MCQ is based on following questions. Answers are shown in Red Bold Format.
1) —————–are those organizations who are not engaged in trading activities and don’t have profit earning objective.
a) Non for profit Organisation #
b) Joint Stock Company
c) Partnership Firm
d) None of the above
2) The non for profit organisation is established for —————-
a) Earning profit
b) Welfare of the society #
c) Promoting import and export
d) None of the above
3) The non for profit organisation needs to prepare —————–at the end of each accounting period as their respective laws.
a) Bank reconciliation statement
b) Financial Statements #
c) Fund Flow Statements
d) None of the above
4) —————-is the summery of cash receipts and cash payment made during the year.
a) Fund Flow
b) Income and Expenditure Account
c) Receipt and Payment Account #
d) None of the above
5) Non trading organisation is usually prepare —————–instead of profit and loss account at the end of period.
a) Fund Flow Statement
b) Income and Expenditure Account #
c) Receipt and Payment Account
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
6) In Income and Expenditure Account only ——————transactions are recorded to income side.
a) Revenue Receipt #
b) Capital Receipt
c) Capital Expenditure
d) None of the above
7) Orgnisation engaged in trading activities needs to be required to prepare ———– Account to know the results.
a) Cash Account
b) Profit and Loss Account #
c) Income and Expenditure
d) None of the above
8) Which of the following is not recorded to Receipt and Payment Account?
a) Depreciation of Fixed Assets #
b) Purchase of Fixed Assets
c) Subscription Received
d) None of the above
9) Which of the following is recorded to the Receipt and Payment Account?
a) Depreciation
b) Provision for doubtful debts
c) Sale of fixed Assets #
d) None of the above
10) Receipts and Payment accounts record receipt and payment of revenue and ————–nature transaction.
a) Capital #
b) Fixed
c) Cash
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
11) A receipt and payment A/c is a summaries data of ————–transaction only.
a) Cash #
b) Credit basis transaction
c) Non-Financial transaction
d) None of the above
12) The excess of income of not for profit organisation over expenditure is called as ———-
a) Net Profit
b) Deficit
c) Surplus #
d) None of the above
13) Not for Profit Organisation is mostly depending on ————–
a) Funds generated through grants, donations, #
b) Share Capital
c) Owned Capital
d) None of the above
14. Capital nature items of receipt and payment are recorded to ——————.
a) Profit and Loss Account
b) Trading Account
c) Balance Sheet #
d) None of the above
15) Which of the following should be considered in preparation of Income and Expenditure Account?
a) Interest Expanded
b) Contingent Liabilities
c) Profit or Loss on Sale of Fixed Assets. #
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
16) Income and Expenditure Account considered only————–revenue and expenses.
a) Previous Year
b) Succeeding Year
c) Current Year #
d) None of the above
17) Subscription paid by member to the club shown as ————to ——————Account.
a) Expense, Trading
b) Revenue, Profit and Loss
c) Income , Income and Expenditure #
d) None of the above
18) Income and Expenditure Account is a type of ———— account.
a) Real Account
b) Personal Account
c) Nominal Account #
d) None of the above
19) Donation received is to be ————-
a) Compensated
b) Charged
c) Capitalised #
d) None of the above
20) Donation received should be recorded at ————–.
a) Profit and Loss Account
b) Balance Sheet #
c) Fund flow statement
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
21) Subscription received for previous year is to be ————–from current year’s balance.
a) Charged
b) Added
c) Deducted #
d) None of the above
22) Subscription which is received in advance is to be ————–from current year’s balance.
a) Added
b) Deducted #
c) Charged
d) None of the above
23) Outstanding subscription for the current year is ———–form current years balance.
a) Charged
b) Added #
c) Deducted
d) None of the above
24) ————-is the amount which received to the nominee person by way of will.
a) Donation
b) Legacies #
c) Grants
d) None of the above
25) Subsidy received by not for profit concerns is also considered as ———.
a) Expenses
b) Capital
c) Receipts #
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
26) Adjustment made in Income and Expenditure Account also recorded to the ———-.
a) Receipt and Payment Account
b) Trading Account
c) Balance Sheet #
d) None of the above
27) Debit balance of Income and Expenditure Account is —————_
a) Profit
b) Suplus #
c) Loss
d) None of the above
28) Excess of expenditure over income is called as —————-.
a) Surplus
b) Loss
c) Deficit #
d) None of the above
29) —————– Transaction does not record to Receipt and Payment Account.
a) Monetary
b) Cash Transaction
c) Non-monetary #
d) None of the above
30) Sale of Fixed Asset is type of ————-receipts.
a) Revenue
b) Capital #
c) Differed revenue
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
31) Purchase of Fixed Assets is a type of _______ expenses
a) Revenue
b) Differed Revenue
c) Capital #
d) None of the above
32) Sale of sport material by sport club is a kind of ———–
a) Income #
b) Expenses
c) Compensation
d) None of the above
33) Donation received for special purpose is should be recorded at ————
a) Separate Account and Balance sheet #
b) Balance sheet
c) Credit side of Income and Expenditure
d) None of the above
34) ————- is a summary of all balances of ledger accounts to confirm whether all balances are correct or not.
a) Separate Account and Balance sheet #
b) Balance sheet
c) Credit side of Income and Expenditure
d) None of the above
35) Final accounts of non for profit organisation prepared after ———–.
a) Trial Balance
b) Balance sheet
c) Cash Account #
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
36) All receipts from sale of medicines in hospital are ————for hospital.
a) Revenue Receipts #
b) Capital Receipts
c) Revenue Expenses
37) Purchase of sports material by club should be recorded to ——-.
a) Credit Side of Income and Expenditure Account
b) Debit Side of Income and Expenditure Account #
c) Assets side of Balance sheet
d) None of the above
38) Which of the following should not recorded to Cash Account?
a) Credit Purchases of material #
b) Cash Purchase of material
c) Office expenses
d) None of the above
39) Debit side balance of income and expenditure account resulted————–
a) Surplus #
b) Deficit
c) Net Profit
d) None of the above
40) Which of the following concern cannot prepare income and expenditure account as final account?
a) Tata Motors #
b) Jahangir Hospital
c) Trident Sport Club
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
41) Funds which are created for specific purpose should be shown separately at ————–
a) Assets Side of Balance sheet
b) Liability Side of Balance Sheet #
c) Credit side of Income and Expenditure
d) None of the above
42) Surplus generated from Income and Expenditure account is added to ————-
a) Capital Fund #
b) Reserve and Surplus
c) Capital Reserve
d) None of the above
43) In finalisation receipt side of receipt and payment account is compared with credit side of income and expenditure account in order to confirm whether ————-
a) Subscription due but no received
b) Income received in advance
c) Sale of fixed assets
d) all of the above #
44) In finalization payment side of receipt and payment account is compared with debit side of income and expenditure account in order to confirm whether ————-
a) Outstanding Expenses, Prepaid Expenses
b) Depreciation
c) Sale of fixed assets
d) All of the above #
45) Which of the following should not prepared in not for profit organisation.
a) Trial Balance #
b) Balance sheet
c) Income and Expenditure
d) None of the above
MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ
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