| 1 |
All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to |
- A. Single entry system
- B. Double entry system
- C. Treble entry system
- D. "a" and "b"
|
| 2 |
Non-profit making organization is also known as |
- A. Non-profit seeking concern
- B. Non-trading concern
- C. Trading concern
- D. "a" and "b"
|
| 3 |
A person who is elected to run the club |
- A. Treasurer
- B. Secretary
- C. Chairperson
- D. President
|
| 4 |
Example of non-profit making organization |
- A. Fan factory
- B. Sugar industry
- C. Hospital
- D. Shoe factory
|
| 5 |
Income and expenditure account records the transactions of |
- A. Revenue nature
- B. Capital nature
- C. Revenue and capital nature
- D. None of the these
|
| 6 |
Receipts and payments account shows |
- A. Debit and credit balances of ledgers
- B. Incomes and expenditures
- C. Cash receipts and payments
- D. Assets and liabilities
|
| 7 |
A receipts and payments account is similar to |
- A. An income and expenditure
- B. A statement of affair
- C. A cash or a bank account
- D. A profit or loss account
|
| 8 |
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
|
| 9 |
Non-profit seeking organizations prepare |
- A. Manufacturing account
- B. Trading account
- C. Income and expenditure account
- D. Profit and loss account
|
| 10 |
The method for preparing the final accounts in trading concerns and non-profit making organizations are |
- A. Same
- B. Different
- C. Easy
- D. Difficult
|
