{"id":19382,"date":"2021-03-01T17:00:30","date_gmt":"2021-03-01T11:30:30","guid":{"rendered":"https:\/\/ncertsolutions.guru\/?p=19382"},"modified":"2021-03-01T17:00:30","modified_gmt":"2021-03-01T11:30:30","slug":"mcq-questions-for-class-11-accountancy-chapter-16","status":"publish","type":"post","link":"https:\/\/ncertsolutions.guru\/mcq-questions-for-class-11-accountancy-chapter-16\/","title":{"rendered":"MCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers"},"content":{"rendered":"

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers<\/a>. You can also verify your answers from our provided Accounting for Not-for-Profit Organisation Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Accounting for Not-for-Profit Organisation Class 11 Objective Questions.<\/p>\n

Accounting for Not-for-Profit Organisation Class 11 MCQs Questions with Answers<\/h2>\n

Choose the correct one<\/span><\/p>\n

Question 1.
\nNot-For-Profit Organisations prepares
\n(a) Income and Expenditure Account
\n(b) Profit and Loss Account
\n(c) Trading Account
\n(d) None of the above<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Income and Expenditure Account<\/p>\n<\/details>\n

\n

Question 2.
\nThe Receipts and Payments Account is the summary of
\n(a) Income and expenditures during current year
\n(b) Cash receipts and payments
\n(c) Debit and credit balances of ledger accounts
\n(d) Only cash receipts<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Cash receipts and payments<\/p>\n<\/details>\n

\n

Question 3.
\nSubscription received in advance by a club during previous year are shown
\n(a) on the credit side of Income and Expenditure Account
\n(b) on the assets side of the Opening Balance Sheet
\n(c) on the assets side of the Closing Balance Sheet
\n(d) on the liabilities side of the Closing Balance Sheet<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) on the assets side of the Opening Balance Sheet<\/p>\n<\/details>\n

\n

Question 4.
\nDonations received for a specific purpose is a
\n(a) Assets
\n(b) Liabilities
\n(c) Revenue Receipts
\n(d) Capital Receipts<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) Capital Receipts<\/p>\n<\/details>\n

\n

Question 5.
\nOpening Cash Balance is shown in
\n(a) Income and Expenditure Account
\n(b) Receipts and Payments Account
\n(c) Closing Balance Sheet
\n(d) None of the above<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Receipts and Payments Account<\/p>\n<\/details>\n

\n

Question 6.
\nThe Receipts and Payments Account is a
\n(a) Real Account
\n(b) Nominal Account
\n(c) Personal Account
\n(d) None of the above<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Real Account<\/p>\n<\/details>\n

\n

Question 7.
\nSubscription outstanding are
\n(a) an income
\n(b) an asset
\n(c) a liability
\n(d) An expenditure<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) an asset<\/p>\n<\/details>\n

\n

Fill in the blanks<\/span><\/p>\n

Question 1.
\nEntrance Fees is treated as …………….. receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue<\/p>\n<\/details>\n

\n

Question 2.
\nSubscriptions received in advance by a club are shown on the ……………. side of the Balance Sheet.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Liabilities<\/p>\n<\/details>\n

\n

Question 3.
\nPayment of honorarium is treated as ………………. expenditure.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue<\/p>\n<\/details>\n

\n

Question 4.
\nExcess of income over expenditure is shown on the ……………… side of Income and Expenditure Account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Debit side<\/p>\n<\/details>\n

\n

Question 5.
\nIn a Receipts and Payments Account the payments are recorded on the …………….. side.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Credit<\/p>\n<\/details>\n

\n

Question 6.
\nIncome and Expenditure Account is prepared by ………………. concerns.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Not-For-Profit<\/p>\n<\/details>\n

\n

Question 7.
\nA debit balance in the Income and Expenditure Account denotes excess of …………… over …………….<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Expenditure, Income<\/p>\n<\/details>\n

\n

Question 8.
\nSubscription received by an institution is a …………….. receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue<\/p>\n<\/details>\n

\n

Question 9.
\nInterest received on special fund investments will be added to ……………… fund in the Balance Sheet.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Special<\/p>\n<\/details>\n

\n

Question 10.
\nLife membership fees received by a club are show in ………………..<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Balance Sheet<\/p>\n<\/details>\n

\n

Question 11.
\nLife membership fee received by an institution is a, …………….. receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital<\/p>\n<\/details>\n

\n

Question 12.
\nSubscriptions received in advance will figure in the ………………<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Balance Sheet<\/p>\n<\/details>\n

\n

Question 13.
\nAny amount received towards Endowment funds in a ……………… receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Capital<\/p>\n<\/details>\n

\n

Question 14.
\nIncome and Expenditure Account is a ……………… account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Nominal<\/p>\n<\/details>\n

\n

Question 15.
\nExcess of expenditure over income is ……………… capital fund in the Balance Sheet.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Deducted from the<\/p>\n<\/details>\n

\n

Question 16.
\nThe closing debit balance in the Receipts and Payments Account indicates the ……………. balance at the end of the year.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Cash<\/p>\n<\/details>\n

\n

Question 17.
\nOpening and closing balances of cash are …………….. in Receipts and Payments Account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Entered<\/p>\n<\/details>\n

\n

Question 18.
\nThe Income and Expenditure Account is prepared on the basis of ……………. system, of accounting.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Mercantile<\/p>\n<\/details>\n

\n

Question 19.
\nIncome and expenditure matches all ……………… receipts against ……………….. payment pertaining to the relevant accounting year.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Revenue, Revenue<\/p>\n<\/details>\n

\n

Question 20.
\nReceipts and Payments Account is a ……………………. account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Real<\/p>\n<\/details>\n

\n

State whether the following statements are true or false<\/span><\/p>\n

Question 1.
\nLoss on the sale of furniture of a sports dub will be shown in the Receipts and Payments Account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 2.
\nReceipts and Payments Account is nothing but a consolidated summary of the cash book.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 3.
\nAny subscriptions received in advance are treated as capital receipts and are therefore taken to the liabilities side of the balance sheet.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 4.
\nReceipts and Payments Account is a summary of all capital receipts and payments.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 5.
\nThe Income and Expenditure Account is equivalent to Profit and Loss Account of a business enterprise.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 6.
\nThe closing balance of Receipts and Payments Account reveals the surplus or deficit of a non-trading concern.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 7.
\nLife membership fee is totally credited to the Income and Expenditure Account.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 8.
\nThe Receipts and Payments Account records receipts and payments of revenue nature only.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 9.
\n100% provision is made for outstanding fee in case of professional conems.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 10.
\nEntrance fees unless otherwise stated is to be taken as a capital receipt.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Accounting for Not-for-Profit Organisation MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided …<\/p>\n

MCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers<\/span> Read More »<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[35],"tags":[],"yoast_head":"\nMCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers - NCERT Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ncertsolutions.guru\/mcq-questions-for-class-11-accountancy-chapter-16\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers - NCERT Solutions\" \/>\n<meta property=\"og:description\" content=\"Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 16 Accounting for Not-for-Profit Organisation with Answers Pdf free download are compiled here to get good practice on all fundamentals. 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