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	Receipt and payment account is prepared at the.	A. Start of the year B. End of the year C. Mid of the financeial year D. None of these
2	In receipt and payments account	A. No narration is written B. No ledger reference is recorded C. Daily cash balance cannot be ascertained D. All of the above
3	The income through admissionfee shoul dbe.	A. Capitalized B. Treated as revenue C. Treated as liability D. An expenses
4	Donation receivedin heavy amount are treated as.	A. Revenue B. Capitaized C. Liability D. Assets
5	the activities of non -trading concern are managed by the.	A. Directors B. Member C. governing body D. Promoters
6	Excess of assets over liabilities is an indication of.	A. Solvency B. Insolvency C. Deficiency D. Loss
7	The method for preparing the final accounts in trading concerns and non-profit making organizations are	A. Same B. Different C. Easy D. Difficult
8	Purchase of sports material for the club should be treated as.	A. Expense B. Assets C. Income D. Liability
9	Income and expenditure account is debited with all.	A. Expenses B. Incomes C. Liabilities D. Assets
10	Receipt and payment account starts with the.	A. Opening balance B. Ending balance C. Beginning or ending balance D. None of these