This category covers the fundamentals of accounting for not‑for‑profit organisations. Topics include the nature of NFP entities, sources of revenue, expense classification, financial statements, and regulatory requirements. It provides explanations and practice questions to help students master the subject for exams.
False correct NPO treatment; receipt payment cash, income expenditure accrual basis.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Capital Receipt correct NPO treatment; receipt payment cash, income expenditure accrual basis.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Refund the entire application money correct NPO treatment; receipt payment cash, income expenditure accrual basis.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Income Expenditure prepared on accrual basis; matches revenue expenses period wise.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Not-for-profit includes charitable institutions, welfare societies, clubs; all examples correct.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Subscription 2017 = 245000-20000-15000+19000+18400=247400; accrual basis calculation correct.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Income Expenditure account not outside double entry; it follows double entry accrual basis.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Subscription is revenue income; credited to Income and Expenditure Account credit side.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
Receipt and Payment summarises cash receipts payments; all cash transactions irrespective revenue capital.
Ref: NCERT Accountancy Class XII Chapter 1 Not-for-Profit Organisation explains receipt payment income expenditure account subscription calculation treatment.
