Question :

General donations are treated as:

Option 1:

Revenue receipt

Option 2:

Capital receipt

Option 3: Revenue expenditure

Option 4: Capital expenditure

Question :

Assertion (A): Income and Expenditure Account is akin to Profit and Loss Account.
Reason (R): The Not-for-Profit Organisations are not required to prepare financial statements at the end of the each accounting period.

Option 1:

Both Assertion (A) and Reason (R) are true and (A) is correct explanation of Reason (R)

Option 2:

Both Assertion (A) and Reason (R) are true but (A) is not correct explanation of Reason (R)

Option 3: Assertion (A) is true but Reason (R) is false

Option 4: Reason (R) is true but Assertion (A) is false

Question :

As all other business concerns be its sole proprietorship or partnership have capital, a not-for- profit organisation has:

Option 1:

capital fund

Option 2: general fund

Option 3: any of these

Option 4: none of these

Question :

A credit balance of Income and Expenditure for the year shows:

Option 1:

Surplus earned

Option 2:

Deficit incurred

Option 3: Capital fund

Option 4: None of these

Question :

Delhi Sports club has sports fund investment Rs.2,00,000 on which interest @ 10% is received. This will be shown in the books as:

Option 1:

Credited to Income and Expenditure A/c

Option 2:

Addition to capital fund

Option 3:

Addition to sports fund

Option 4:

Shown on asset side along with sports fund investment