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	A person who is elected to run the club	A. Treasurer B. Secretary C. Chairperson D. President
2	Receipt and payment account includes.	A. Revenue items B. Capital items C. Both capital and Revenue items D. None of the above
3	Excess of assets over liabilities is an indication of.	A. Solvency B. Insolvency C. Deficiency D. Loss
4	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
5	The income and expenditure account performs the same function as.	A. Trading and profit and loss account B. Manafactureng account C. Balance sheet D. None of these
6	In cash book	A. Each entry is followed by narration B. Ledger reference is recorded C. Each transaction is recorded in chronological order D. All of the above
7	It is prepared by non-profit making organizations to determine surplus or deficit	A. Trading account B. Profit and loss account C. Receipts and payments account D. Income and expenditure account
8	Debit side of income and expenditur eaccount records.	A. Expenses and losses B. Income and gains C. Assets D. Liabilities
9	The amount paid to person who was invited to deliver a lecture in a club is known as.	A. Hoorarium B. Salary C. Wages D. None of these
10	Receipts and payments accounts records transaction relating to.	A. Current year B. Past year C. future year D. All of the above