subject

Accounting for Not-for-Profit Organisations

Commerce ⇒ Accountancy

Accounting for Not-for-Profit Organisations starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Accounting for Not-for-Profit Organisations. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 11
A club paid salaries of ₹20,000 during the year. Salaries outstanding at the beginning and end of the year were ₹2,000 and ₹3,000 respectively. Calculate the amount of salaries to be debited to Income and Expenditure Account.
A club received a donation of ₹50,000 for building construction. How should this be shown in the financial statements?
A club received entrance fees of ₹5,000. It is decided to treat 60% as revenue and 40% as capital. How much will be credited to Income and Expenditure Account?
A club received subscription of ₹10,000 during the year. Subscription outstanding at the beginning and end of the year were ₹1,000 and ₹2,000 respectively. Calculate the amount of subscription to be credited to Income and Expenditure Account.
Explain the difference between capital receipts and revenue receipts in the context of Not-for-Profit Organisations.
Explain the treatment of 'Life Membership Fee' in the books of a Not-for-Profit Organisation.
Name any two sources of income for Not-for-Profit Organisations.
State any one difference between Receipts and Payments Account and Income and Expenditure Account.
State any two items that appear only in Receipts and Payments Account but not in Income and Expenditure Account.
State any two items that are shown on the assets side of the Balance Sheet of a Not-for-Profit Organisation.
What is meant by 'Subscription' in the context of Not-for-Profit Organisations?
What is the accounting treatment of 'Endowment Fund' in the Balance Sheet of a Not-for-Profit Organisation?
What is the accounting treatment of 'Special Fund' in the Balance Sheet of a Not-for-Profit Organisation?
What is the main objective of Not-for-Profit Organisations?
What is the nature of Receipts and Payments Account?
What is the purpose of preparing a Receipts and Payments Account?
What is the treatment of 'Legacy' in the accounts of a Not-for-Profit Organisation?
Which account is prepared to show the financial position of a Not-for-Profit Organisation?