Question : On which basis of accounting, Receipts and Payment account is prepared in case of Non Profit Organisation?

Option 1: Profit Basis 

Option 2: Accural Basis

Option 3: Cash basis 

Option 4: None of these

Question : Receipts and Payments Account of a non-profit organisation is prepared on the basis of:

Option 1: Accrual Basis

Option 2: Cash Basis

Option 3: Both Cash and Accrual

Option 4: None of these

Question : Cash Flow statement is based on - 

Option 1: Accrual basis of accounting

Option 2: Cash basis of accounting

Option 3: Mixed basis of accounting

Option 4: None of these

Question : Furniture as of 1st April, 2019—Rs. 2,20,000; Furniture (having book value as on
1st April, 2019—Rs. 20,000) sold at a gain (profit) of 20% on 31st December, 2019.
Furniture purchased on 1st October, 2019 for Rs. 1,00,000; Charge depreciation @ 10% p.a. on furniture. How much the amount is to be shown in the Income and Expenditure Account?

Option 1: Profit Rs 3,700 credited to Income and Expenditure Account.
Depreciation charged Rs 26,500 debited to Income and Expenditure Account. 

Option 2: Profit Rs.3,700 credited to Income and Expenditure Account
Rs.1,500 depreciation debited to Income and Expenditure Account 

Option 3: Loss Rs. 3,700 debited to Income and Expenditure Account
Rs. 20,000 depreciation debited to Income and Expenditure Account 

Option 4:  None of the above 

Question : Income and Expenditure Account gives out :

Option 1: Closing Balance of Cash

Option 2: Opening Balance of cash

Option 3: Net Profit

Option 4: Surplus or Deficit