This a MCQ (Multiple Choice Question) based practice test of Chapter 9 - Financial Statements of Non-Profit Organization of Accountancy of Class XI (11) for the quick revision/preparation of School Board examinations
Q All revenues and expenses of a Non-profit organisation are reported on its statement of
All assets and liabilities of Non-profit organisation are reported on its statement of
The correct option is B.
A non-profit organisation’s statement of financial position which is the balance sheet for business.It presents the financial position of an entity at a given date It is one of the main financial statements. The statement of financial position reports an entity's assets, liabilities, and the difference in their totals as of the final moment of an accounting period.
The statement of _______ may be prepared under the direct or indirect method.
Classifying expenses into program activities and supporting activities is known as the _______ basis
Reporting expenses by categories such as salaries, rent, utilities, etc. is known as the ______ basis.
Fund earmarked for investment in fixed assets is known as
Which of the following is not an restricted fund
The two types of restrictions on contributions that are classified as temporarily restricted are purpose and
All expenses of a Non-profit organisation are reported as part of the changes in ___________________ net assets.
Normally the principal portion of an endowment will be classified as _________________ net assets.