MCQ for CA Foundation Accounting Chapter 9 FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANIZATIONS

Sample Multiple Choice Questions (MCQ's) for CA Foundation - Paper 1 - Principal and Practice of Accounting - Chapter CHAPTER 9: FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANIZATIONS - For Practice relevant for Dec 22 and May/June 23 Examinations

Q:1  Scholarship granted to students out of specific funds provided by Government will be debited to

  1. Income and Expenditure Account.
  2. Receipts and payments Account.
  3. Funds granted for Scholarship account.
  4. None of the three.

Answer: 3

Q:2 In case of NPO, excess of total assets over liabilities is known as

  1. Profits.
  2. Surplus.
  3. Capital Fund.
  4. Accumulated Fund.

Answer: 3

Q:3  General donations and legacies are credited to

  1. Receipts and Payments Account.
  2. Income and Expenditure Account.
  3. Capital Fund.
  4. Fund Account.

Answer: 2

Q:4  Interest on prize funds is

  1. Credited to Income and Expenditure Account.
  2. Credited to Receipts and Payments Account.
  3. Capital Fund.
  4. Added to prize fund.

Answer: 4

Q:5 Special aids are

  1. Treated as capital receipts.
  2. Treated as revenue receipts.
  3. Added to Capital Fund.
  4. Both (a) and (c).

Answer: 4

 

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