12th class Principle of Accounting chapter 2 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 2 (The Accounts of Non-Profit Making Organizations)

Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test

Sr. #	Questions	Answers Choice
1	Receipt and payment account starts with the.	Opening balance Ending balance Beginning or ending balance None of these
2	Income and expenditure account is debited with all.	Expenses Incomes Liabilities Assets
3	Income and expenditure account is credited with all.	Expenses Incomes Assets Liabilities
4	The Receipt and payment account is the summery of the	Cash book Balance sheet Trqail balance Proft and loss account
5	The income and expenditure account performs the same function as.	Trading and profit and loss account Manafactureng account Balance sheet None of these
6	Non- trading concern prepare.	Profit and loss account Income and expenditure account Manufactureing account None of these
7	Subscription Received in advance is.	An income An assets Liability An expenditure
8	If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.	Surplus Deficit Assets Liabilities
9	If the credit side of the income oand expenditur eaccount is greater it is termed as.	Deficit Surplus Asset Liability
10	Income and expenditure account shows.	Surplus or deficit Not profit or net loss Capital account Cash in hand
11	At the end of the year non trading institutions prepare.	Profit and loss account Income and expenditure account Manufacturing account None of the above
12	Surplus balance cna be shown in the balnce sheet as.	Asset Liability Owner's equity None of these
13	If the debit side of the recipt and payment account exceeds the credit side it represents.	Bank over draft Cash at bank Surplus balnce Deficit balance
14	Receipt and payment account includes.	Revenue items Capital items Both capital and Revenue items None of the above
15	The main sources of income of for on -trading concern is.	Subscriptions Donations Sales Dividends on investment

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