Chapter: 1


অনালাভকাৰী প্ৰতিষ্ঠানৰ হিচাপৰক্ষণ

Accounting of Not-for-Profit Organisation


1. Fill in the blanks with appropriate words from the brackets.

(a) Non-trading concerns prepare— account to ascertain surplus. (profit & Loss / Income & Expenditure / Manufacturing)

Ans: Income & Expenditure.


(b) Receipts and payments Account shows— (Income and Expenditure / Cash receips and payments / Assets and liabilities)

Ans: Cash receips and payments.


(c) Receipts and payments account is a— account. (Nominal / real / personal)

Ans: Real.


(d) Receipts and payments Account is nothing but a consolidated summary of the— (profit & Loss A/c / Cash Book / Balance Sheet)

Ans: cash Book.


(e) In a Receipts and payments Account the payments are recorded on the— side. (Debit / Credit)

Ans: Credit.


(f) In a Receipts and payments Account— receipts and payments are shown (Only revenue / both revenue and capital)

Ans: both revenue and capital. 


(g) The closing debit balance in the Receipts and payments Account indicates— balance at the end of the year. (Bank overdraft / cash)

Ans: cash.


(h) The information for preparation of Receipts and payments Account is taken from— (Cash Book / Balance sheet)

Ans: Cash Book.


(i) Fund based accounting is maintained by— concern. (Loss / not for profit)

Ans: not for profit.


(j) Income and Expenditure Account reveals— . (cash in hand / surplus or deficiency / capital)

Ans: surplus or deficiency.


(k)  Income and Expenditure Account records transactions of—. (revenue nature only / capital nature only / both capital and reventure nature)

Ans: Revenue nature only.


(l) Income and Expenditure Account is a— account. (Real / nominal / personal)

Ans: Nominal.


(m) The Income and Expenditure Account is prepared on the basis of— system of accounting. (cash / mercantile)

Ans: mercantile.


(n) Income and  Expenditure account matches all— receipts against payments pertaining to the relevant accounting year. (revenue, revenue / capital, capital / revenue capital / capital / revenue.

Ans: revenue, revenue.


(o) A debit balance in the Income and Expenditure Account denotes excess of― over―. (expenditure, income / income, expenditure)

Ans: expenditure, income.


(p) Entrance fee unless otherwise stated is to be taken as a― receipts (capital / revenue)

Ans: Revenue.


(q) Sale of old materials credited to― (Capital fund / Income and Expenditure A/c / Receipts and payments A/c)

Ans: Income and Expenditure A/c.


(r) Not for profit organization prepares― (Income and Expenditure A/c / profit & Loss A/c)

Ans: Income and Expenditure A/c.


(s) Income and expenditure relating to special fund should be dealt with― (Special fund / Income and Expenditure A/c)

Ans: Special fund.


(t) Subscriptions received in advance is―. (An asset / an income / a liability)

Ans: A liability.


(u) Donation received for a special purpose should be credited to― (Sbeparate accounts / Income and Expenditure Account)

Ans: Separate accounts.


(v) Any income received towards endowment fund is― receipt. (Capital / revenue)

Ans: Capital.


(w) Any revenue expenditure. relating to special fund must be debited to― (Income and Expenditure A/c / special fund)

Ans: Special fund.


(x) Any donation received for a specific purpose is a― (Capital receipt / revenue receipt / Liability)

Ans: Capital receipt.


Important Question Answer 

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