CA Foundation Financial Statements of Not-for-Profit Organisations — practice questions
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Practice CA Foundation Financial Statements of Not-for-Profit Organisations in the app →Receipts and Payments Account is essentially a summary of:In NPO accounting, surplus refers to:Income and Expenditure Account is prepared on:Capital expenditure in an NPO is:A specific donation for building construction is credited to:Subscriptions received during 2022 ₹42,000 (incl. ₹1,600 for 2021 and ₹600 for 2023); outstanding 2022 ₹3,000.Salaries paid ₹23,000; opening O/S ₹1,400; opening prepaid ₹400; closing O/S ₹1,800; closing prepaid ₹600. I&EEntrance fees as per club bye-laws are treated as:Life Membership Fees are normally treated as:Capital Fund of NPO at start of year is computed by:Tournament expenses ₹50,000 against tournament receipts ₹70,000. I&E credit (net):R&P Account differs from I&E Account in that R&P:Depreciation on furniture in an NPO is:Specific donation for building ₹10,000 received and Pavilion cost ₹11,000 incurred. Treatment:Subscriptions outstanding at beginning ₹1,600; received during year ₹42,000; outstanding at end ₹3,000. Cash cDonation ₹50,000 received; no specific purpose stated. Treatment:Opening assets ₹2,00,000; opening liabilities ₹30,000; current surplus ₹40,000. Closing Capital Fund:Stationery purchased ₹8,000; opening stock ₹2,000; closing stock ₹3,000. I&E debit:Honorarium of ₹10,000 paid to a speaker is treated as:Subscription received during year includes ₹4,000 for next year. I&E should include:Why is R&P alone insufficient for NPO performance assessment?NPO incurs ₹15,000 on books for library. These books are added to:Endowment fund of ₹2,00,000 is set up. Income from this fund (interest received) ₹15,000. The interest is:Government grant for purchase of equipment ₹1,00,000 received and used to buy equipment costing ₹1,20,000. TheTreatment of legacy donation received specifically for a charitable activity: