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