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CA Foundation Financial Statements of Not-for-Profit Organisations — practice questions — page 2

Explore 52 free Financial Statements of Not-for-Profit Organisations questions in CA Foundation Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Financial Statements of Not-for-Profit Organisations questions and exercises with answers

Showing questions 31–52 of 52.

A permanent endowment fund accounts for gifts whose principal must be kept?Read the answer and worked solution →How does a temporary endowment differ from a permanent endowment?Read the answer and worked solution →Money held only to pay out as the donor directs, with no discretion. Which fund?Read the answer and worked solution →Why does fund accounting give a useful audit trail to donors?Read the answer and worked solution →Unlike a business with one ledger, a non-profit may keep?Read the answer and worked solution →A school gets two separate grants. Why open separate funds?Read the answer and worked solution →A small non-profit often prefers which basis of accounting, while larger ones generally use accrual?Read the answer and worked solution →Which statement resembles an income statement but shows excess or deficit?Read the answer and worked solution →In a non-profit statement of financial activities, the excess or deficit appears as a change in?Read the answer and worked solution →Which statement lists assets held and debts owed at period end?Read the answer and worked solution →Which statement shows sources and uses of cash during the year?Read the answer and worked solution →A statement of functional expenses splits expenses into program services and what other broad class?Read the answer and worked solution →Costs of fund-raising events and general administration fall under which functional class?Read the answer and worked solution →Under the cash basis, income and expenses are recorded when?Read the answer and worked solution →Accrued revenue refers to income that is?Read the answer and worked solution →An accrued expense is a liability for goods or services that were?Read the answer and worked solution →Under the Societies Registration Act, 1860, what is the minimum number of people needed to form a society?Read the answer and worked solution →Where is a society's memorandum filed under the 1860 Act?Read the answer and worked solution →What fraction of members must decide for a society to be dissolved voluntarily under Section 13 of the 1860 Act?Read the answer and worked solution →Charitable organizations that publish financial statements produce which statement in place of an income statement?Read the answer and worked solution →In a statement of activities, revenues and expenses are further categorised by what?Read the answer and worked solution →Compared with a balance sheet, an income statement represents what?Read the answer and worked solution →

Worked practice questions

A permanent endowment fund accounts for gifts whose principal must be kept?

  1. Spent within one year
  2. Converted into stock
  3. Returned to the donor
  4. Intact in perpetuity
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Correct answer: D. Intact in perpetuity

The donor requires the principal to remain intact in perpetuity or until a set future date or event, so only the income may be used.

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How does a temporary endowment differ from a permanent endowment?

  1. It is released after a future event
  2. It is never kept in a fund
  3. It must always be spent at once
  4. It cannot ever hold investments
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Correct answer: A. It is released after a future event

A temporary endowment is released for unrestricted or purpose-restricted use at a specified future time or after a set event.

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Money held only to pay out as the donor directs, with no discretion. Which fund?

  1. General fund
  2. Plant fund
  3. Agency fund
  4. Trading fund
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Correct answer: C. Agency fund

Agency or custodian funds hold resources before disbursal under the donor's instructions, and the organisation has little or no discretion.

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