MCQ Quiz on Final Accounts of Charitable Trust Free No.1 MCQ

MCQ Quiz on Final Accounts of Charitable Trust

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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