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 : 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 : 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 : 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