Top 50+ Solved Final Accounts Charitable Trust MCQ Questions Answer
Q. Receipts and Payments Account is a :Sol:
a. Personal Account
b. Real Account
c. Nominal Account
d. None of these
Q. Income and Expenditure Account is prepared :Sol:
a. By Business Organisation
b. By Industrial Organisation
c. By Not-for-Profit Organisation
d. By All Organisations
Q. Payment of honorarium to secretary is treated as :Sol:
a. Capital expenditure
b. Revenue expenditure
c. An income
d. None of these
Q. Legacies should be treated asSol:
a. A Liability
b. A Revenue Receipt
c. An Income
d. None of these
Q. The excess of assets over liabilities in non-trading concerns is termed as:Sol:
a. Capital Fund
b. Capital
c. Profit
d. Net profit
Q. For a non-trading concern, honorarium paid is:Sol:
a. An Income
b. An Assets
c. An Expense
d. None of these
Q. Entrance fees, unless otherwise stated, is treated as:Sol:
a. A Capital Receipt
b. A Revenue Income
c. A liability
d. None of these
Q. Income and Expenditure Account records transactions of:Sol:
a. Capital nature only
b. Revenue nature only
c. (a) and (b) both
d. None of these
Q. Life membership fee received by a club is:Sol:
a. Revenue Receipt
b. Capital Receipt
c. (a) and (b)
d. None of these
Q. All receipts of capital nature are shown in :Sol:
a. Income and Expenditure A/c
b. Balance Sheet
c. P. & L. A/c
d. None of these
Q. All items of revenue in nature are shown in:Sol:
a. Income and Expenditure A/c
b. Balance Sheet
c. (a) and (b) both
d. None of these
Q. Which of the following is not a not-for-profit organisation ?Sol:
a. College
b. Sports Club
c. Tata Automobiles
d. Hospital
Q. Subscriptions received in advance by a club are shown on……………..of the BalanceSheetSol:
a. Assets Side
b. Liability Side
c. Credit Side
d. Debit Side