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

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

Option 1: Depreciation

Option 2: Subscription received for the last year

Option 3: Medicines consumed

Option 4: None of these

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 : Out of the following items, which one is shown in the receipts and payment account of a not for profit orginsation?

Option 1: Accrued subscription 

Option 2: outstanding salary 

Option 3: depreciation 

Option 4: Interest on Investment received 

Question : Subscription received for special events is

Option 1: recorded in the debit of Receipts and Payments Account and in the debit of Income and Expenditure Account in the year of receipt.

Option 2: recorded in the debit of Receipts and Payments Account and in the credit of Income and Expenditure Account in the year of receipt.

Option 3: recorded in the debit of Receipts and Payments Account and shown in the assets side of the Balance Sheet till the time event is held.

Option 4: recorded in the debit of Receipts and Payments Account and shown in the liabilities side of the Balance Sheet till the time event is held.

Question : Which of the following statements is true?

Option 1: If the amount of interest accrued and due is not paid, it is known as Interest Accrued and Due or Interest Outstanding

Option 2: If the date of payment of interest and accounting date are different, Interest Accrued and Not Due Account is credited at the end of the year to maintain accounting records on accrual basis
 

Option 3: Interest Accrued or Outstanding (whether due or not) on Debentures is shown under the main head 'Current Liabilities' and sub-head 'Other Current Liabilities'

Option 4: All  of the above