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
