All Courses
Get the App Signup / Login
Sign in Open App
Commerce Exam  >  Commerce Tests  >  Accountancy Class 12  >  Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Commerce MCQ

Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Commerce MCQ


Test Description

4 Questions MCQ Test Accountancy Class 12 - Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions

Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions for Commerce 2024 is part of Accountancy Class 12 preparation. The Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions questions and answers have been prepared according to the Commerce exam syllabus.The Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions below.
Solutions of Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions questions in English are available as part of our Accountancy Class 12 for Commerce & Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions solutions in Hindi for Accountancy Class 12 course. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free. Attempt Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions | 4 questions in 8 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Accountancy Class 12 for Commerce Exam | Download free PDF with solutions
Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 1
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Endowment Fund is recorded only in the Balance Sheet.

Reason (R): Endowment is treated as capital receipt hence shown on the liabilities side of Balance Sheet

Detailed Solution for Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 1
Endowment fund arises from bequest or gift, the income generated from it is utilized for the specific purpose while the original amount is kept intact other forever for a specific period. It is shown on the liabilities side of the balance sheet.
Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 2
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The Income and Expenditure Account is like the cash book.

Reason (R): Income and Expenditure Account shows the surplus or deficit that is earned during the financial year by the non-profit organisation.

Detailed Solution for Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 2
The Income and Expenditure Account is like the Profit and loss Account of the Business or Profit Making Firms.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 3
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The Subscription received during the year is recorded in the Receipts and Payments Account.

Reason (R): Receipts and Payments Account records all the cash transactions whether pertaining to the current year or previous year.

Detailed Solution for Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 3
Subscriptions received from the members on different dates which appear on the debit side of the cash book, shall be shown on the receipts side of the Receipt and Payment Account as one item with its total amount.
Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 4
Save

Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): The amount of subscription of ₹ 15,000 was paid out of which ₹ 3,000 is pertaining to the next year. The amount of subscription to be recorded in the Income and Expenditure Account is ₹ 15,000.

Reason (R): The Income and Expenditure Account records all the transactions that are relevant only for the current financial year.
Detailed Solution for Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 4
The amount of subscription to be recorded in the Income and Expenditure Account is ₹ 12,000.

As the amount of ₹ 3,000 is related to the next year, and is the subscription received in advance, it will be deducted from the total amount received and the balance amount comes in the Income and Expenditure account.

47 videos|180 docs|56 tests
Join Course
Information about Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions Page
In this test you can find the Exam questions for Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions, EduRev gives you an ample number of Online tests for practice

Top Courses for Commerce

47 videos|180 docs|56 tests
Join Course
Download as PDF

Top Courses for Commerce

Important Questions for Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions

Find all the important questions for Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions at EduRev.Get fully prepared for Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions resources.

Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions MCQs with Answers

Prepare for the Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions within the Commerce exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions Accountancy Class 12

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup