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	the activities of non -trading concern are managed by the.	Directors Member governing body Promoters
2	In income and expenditure account	Expense are recorded on debit side Revenues are recorded on credit side Does not start with any opening balance All of the above
3	All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to	Single entry system Double entry system Treble entry system "a" and "b"
4	Income and expenditure account shows	Cash in hand Surplus or deficit Cash at bank Capital account
5	Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's	Trading and profit and loss account Balance sheet Bank account Petty cash book
6	Non-profit seeking organizations prepare	Manufacturing account Trading account Income and expenditure account Profit and loss account
7	Income and expenditure account records the transactions of	Revenue nature Capital nature Revenue and capital nature None of the these
8	It is prepared by non-profit making organizations to determine surplus or deficit	Trading account Profit and loss account Receipts and payments account Income and expenditure account
9	In non-profit making organization final accounts contains	Income and expenditure account and balance sheet Receipts and payments account and balance sheet Receipts and payments account and statement of affairs Profit and loss account and balance sheet
10	In cash book	Each entry is followed by narration Ledger reference is recorded Each transaction is recorded in chronological order All of the above
11	In receipt and payments account	No narration is written No ledger reference is recorded Daily cash balance cannot be ascertained All of the above
12	Receipts and payments account records transaction relating to	Past year Future year Present year All of the above
13	A receipts and payments account is similar to	An income and expenditure A statement of affair A cash or a bank account A profit or loss account
14	Receipts and payments account shows	Debit and credit balances of ledgers Incomes and expenditures Cash receipts and payments Assets and liabilities
15	Receipts and payments account records the transactions of	Revenue nature Capital nature Revenue and capital nature None of these

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