12th class Principle of Accounting chapter 2 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 2 (The Accounts of Non-Profit Making Organizations)

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Sr.#	Question	Answer
1	Subscription Received in advance is.	A. An income B. An assets C. Liability D. An expenditure
2	Lagacies are generally treated as.	A. Income B. Capitalized C. Assets D. Liability
3	Non-profit making organizations are established for	A. Profit B. Charitable or religious purpose C. To manufacture goods D. To help the rich people
4	Receipts and payments accounts records transaction relating to.	A. Current year B. Past year C. future year D. All of the above
5	Donation receivedin heavy amount are treated as.	A. Revenue B. Capitaized C. Liability D. Assets
6	Excess of assets over liabilities is an indication of.	A. Solvency B. Insolvency C. Deficiency D. Loss
7	If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.	A. Surplus B. Deficit C. Assets D. Liabilities
8	The income and expenditure account begins with.	A. Opening debit balance B. Opening credit balance C. Opening balance D. None of these
9	Receipts and payments account records transaction relating to	A. Past year B. Future year C. Present year D. All of the above
10	Income and expenditure account is equivalent to the.	A. Receipt and payment account B. Balance sheet C. Cash book D. Profit and loss account