When cash is received for life membership, which one of the following double entries is passed? 10,000, the amount of Rs. Download CBSE Class 12 Accountancy Financial Statements of Not for Profit Organisations MCQs in pdf, Accountancy chapter wise Multiple Choice Questions free, 1. Multiple Choice Questions (MCQ) for Income method and Expenditure method - CBSE Class 12-commerce Macroeconomics on Topperlearning. 4. 1.The difference between value of output and value added is: (a) Depreciation (b) Intermediate consumption 3. The constitution of India empowers_____ to levy tax on income (a) State Government (b) Central Government (c) Parliament (d) Finance Minister 2. Token payment made to a person, who voluntarily undertakes a service which would normally command a fee is _____. When demand for tax is raised by the Income tax department and accepted by the company it is _____. (TRUE/FALSE) 2. Cash available to an organization. 500 is incurred to get the car registered in owner's name and Rs. These MCQ's are extremely critical for all CBSE students to score better marks. Surplus or Deficit of a non-profit organisation is added to or subtracted from accumulated fund 10. 2. Income and Expenditure Account. The Income Tax … Answer: Option D Multiple Choice Questions: (A)X Ltd. has failed to remit the tax deducted at source from annual rent of Rs. Course Hero is not sponsored or endorsed by any college or university. [ Honorarium ] 3 3 Multiple Choice Questions: - 3. 1,200 is paid as dealer's commission. 1,000 is spent on its repairs, Rs. Answer National income at market prices account for the distortion of taxes and subsidies. MCQ on National Income Test contains 10 questions. You may click the link to find Multiple choice questions (Q.No-1 to 10) on Capital and Revenue Receipts and Payments.. Answer: (a) Income and Expenditure account. A second hand car is purchased for Rs. Closing capital of an organization. 83. The amount debited to car account will be The accumulated or accrual concept of accounting is rigidly pursued while preparing income and expenditure a/c of non-trading concerns. (a) Income and Expenditure account (b) Trading and Profit & Loss account (c) Only the trading account (d) None of the above. C. Cash available in the bank account. XYZ club has a bar that maintains a separate trading account for its trading activities. Income tax is a tax on _____. Payments account generally shows: a) A debit balance. Remember Multiple choice questions are having good weightage in the total marks of … 28. X’s account in debtors ledger will be debited. a)… (a) Expenditure on the purchase of new flats by the households. Following item cannot be shown under provision ____. b) A credit balance. A credit balance in the income and expenditure account of a non-trading organisation means: A. excess of income over expenditure B. excess of expenditure over income C. excess of cash receipt over cash payment D. excess of cash payment or cash receipts Answer: Option B Expenditures greater than incomes of a non-profit organization give rise to a: An advance receipt of subscription from a member of the non-profit organization is considered as. By incurring such expenditure, the government does not get anything in return, but it adds to the welfare of the people, especially belong to the weaker sections of the society. 2 2 Fill in the Blanks: - 2. 39. Accounting For Not For Profit Organisation Multiple Choice Questions and Answers MCQ. 2.56 The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year. Question33 Real GDP is a measure of a countrys: Wealth Money Economic transactions Physical output Answer Physical output Question34 Which of the following is not a leakage from the circular flow of income and expenditure: Imports MULTIPLE CHOICE QUESTIONS ... Receipts and Payments Account and Income and Expenditure Account are prepared by a Non-trading concern. 5: B. d) Income of only revenue nature and expenditure of revenue and capital nature. Answer. Show these items in the Income and Expenditure Account and the Balance Sheet of the club as at 31st March, 2018: Solution: Question 36. 100 members owed a balance of one month’s subscription. As profit is difference between income and Expenditure The magnitude of Gap between income and expenditure whichever is more is the Answer. MCQ Questions for Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation with Answers. FR1- Income+expenditure -mcq.pdf - Questions CHAPTER 4 INCOME AND EXPENDITURE ACCOUNT 01 02 03 04 05 Which of the following is generally considered as a, The Institute of Chartered Accountants of Pakistan, CHAPTER 4: INCOME AND EXPENDITURE ACCOUNT. Income and expenditure accounts show. a) Manufacturing goods b) Selling Goods c) Not to earn a profit d) All of Above (2) A payment and receipt account is for? It is always prepared at the end of the period which usually (but not always) consists of one year. Such expenditure basically results in redistribution of money incomes within the society. View FR1- Income+expenditure -mcq.pdf from ACCOUNTS 123 at SKANS School of Accountancy (Abubakar Block Campus). You should keep in mind the following important characteristics of an income and expenditure account: 1. A. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2018. 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