Top 50+ Solved Final Accounts Charitable Trust MCQ Questions Answer
Q. The public hospitals do not carry the activities with an intention of earning profits.Sol:
a. True
b. False
c. none
d. all
Q. The Income and Expenditure Account is a summary of cash transactions.Sol:
a. True
b. False
c. none
d. all
Q. The Income and Expenditure Account includes all revenue expenses and incomeirrespective of its cash flowSol:
a. True
b. False
c. none
d. all
Q. The Income and Expenditure Account is always accompanied with a cash flow statementSol:
a. True
b. False
c. none
d. all
Q. The fees received from life members is not a periodic subscription, hence are to becapitalized
a. True
b. False
c. none
d. all
Q. ) A Receipts and Payments Account is nothing but a summary of all capital receipts andpayments.
a. True
b. False
c. none
d. all
Q. Charitable Organizations promote welfare of the common man, in generalSol:
a. True
b. False
c. none
d. all
Q. Receipts and Payments A/c is a summary of:Sol:
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
Q. Out of the following items, which one is shown in the Receipts and Payments Account?Sol:
a. Outstanding Salary
b. Depreciation
c. Life Membership Fees
d. Accrued Subscription
Q. 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
Q. All receipts from sale of consumable items are treated as:Sol:
a. Capital Receipts
b. Revenue Receipts
c. Both (a) and (b)
d. None of these
Q. Capital fund is calculated:Sol:
a. Income-Expenditure
b. Assets Liabilities
c. Capital + Liabilities
d. None of these
Q. Subscription received in advance during the current year is:Sol:
a. An income
b. An Asset
c. A liability
d. None of these