Accounts of Not-for-Profit Organisations

Accounts of Not-for-Profit Organisations

Minimum subscription should be 95% of the issued capital.

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.

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Accounts of Not-for-Profit Organisations

Subscription received by a school for organising annual function is treated as:

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.

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Accounts of Not-for-Profit Organisations

When shares are undersubscribed below the minimum subscription, which of the following is done?

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.

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Accounts of Not-for-Profit Organisations

Income and Expenditure Account is prepared on ______ basis.

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.

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Accounts of Not-for-Profit Organisations

Not for profit organization includes ______

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.

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Accounts of Not-for-Profit Organisations

The following information in respect of M/s Niti Enterprises is given: (i) Subscription received in 2017 is Rs 2,45,000

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.

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Accounts of Not-for-Profit Organisations

Which of the following is not the characteristics of Income and Expenditure account?

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.

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Accounts of Not-for-Profit Organisations

The amount of ‘Subscription received from members’ by a Non-profit organisation is shown in which of the following?

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.

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Accounts of Not-for-Profit Organisations

The Receipt and Payment account is a summary of:

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.

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