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Commerce Exam  >  Commerce Tests  >  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


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4 Questions MCQ Test - 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 Commerce 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 course for Commerce & Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions solutions in Hindi for Commerce 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 for Commerce Exam | Download free PDF with solutions
Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 1
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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
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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.
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Test: Accounting for Not-for-Profit Organizations- Assertion & Reason Type Questions - Question 3
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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
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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.

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