Question : Subscription received in advance during an accounting year is:

Option 1: an assets 

Option 2: a liability 

Option 3: an income 

Option 4: an expenses 

Question : Expenses paid in advance are:

Option 1: deducted from the expenses paid during the year

Option 2: shown in debit of Income and Expenditure Account

Option 3: added to the expenses paid during the year 

Option 4: shown as a liability in the Balance Sheet

Question : There are 500 members, each paying an annual subscription of Rs 100, Subscription received during the year Rs 45,000. Subscription received in advance at the beginning of the year Rs 2,400. What will be credited to the Income and Expenditure Account? 

Option 1: Rs 47,400

Option 2: Rs 50,000

Option 3: Rs 52,400

Option 4: Rs 47,400

Question : There are 500 members, each paying an annual subscription of Rs 100, Subscription received during the year Rs 45,000. Subscription received in advance at the beginning of the year Rs 2,400. What will be written on the Assets side of the closing Balance Sheet?

Option 1: Rs.5,000

Option 2: Rs.2,400

Option 3: Rs.45,000

Option 4: Rs.50,000

Question : Out of the following items, which is not shown in the Receipts and Payment Account of the not-for-profit organisation?

Option 1: Subscription received in Advance 

Option 2: Outstanding subscription 

Option 3: Last year subscription received in advance 

Option 4: All of the above 

Question : Which one of the following items is not shown in the 'Receipts and Payments A/c' of a not-for-profit organisation?

Option 1: Subscription Received for the current year

Option 2: Subscription received for the last year

Option 3: Subscription accrued for the current year

Option 4: Subscription received in advance