Chapter 2 - Accounts of ‘Not for Profit’ Concerns [Latest edition] Select the most appropriate alternative from those given below.

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.

Chapter 2 - Accounts of ‘Not for Profit’ Concerns [Latest edition]

Select the most appropriate alternative from those given below.


Not for Profit Concern renders __________ services to public at large.
Commercial
Social
Individual
Group

Income and Expenditure Account is a ________ Account
Capital 
Real
Personal
Nominal


Outstanding subscription at the end of the Accounting Year represents _______ .
Liability
An Expenditure
An Asset
Capital Fund

Subscription received in advance during the accounting year is_______ .
An Income
An Expense
An Asset
A Liability

Excess of Income over Expenditure is termed as ___________ .
Deficit
Profit
Surplus
Loss

Not for Profit Concerns prepares _________ account instead of Profit and Loss account to know the result.
Trading
Income and Expenditure
Cash
Receipt and Payments

The closing balance of Receipts and Payments account usually represent _______ .
Closing Stock
Cash and Bank Balance
Surplus
Deficit

Not for Profit Organization is also called __________ organization.
Service
Trading
Profit Making
Commercial

Expenditure on Purchase of Building is a ________ Expenditure.
Capital
Revenue
General

Recurring

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