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Tamil Nadu HSC (Class 12) Accounts of Not-for-Profit Organisation — practice questions

Explore 18 free Accounts of Not-for-Profit Organisation questions in Tamil Nadu HSC (Class 12) Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Accounts of Not-for-Profit Organisation questions and exercises with answers

Showing questions 1–18 of 18.

Not-for-profit organisations are also known as:Read the answer and worked solution →The receipts and payments account is which type of account?Read the answer and worked solution →The income and expenditure account is which type of account?Read the answer and worked solution →The income and expenditure account is prepared in order to find out the:Read the answer and worked solution →A gift made to a not-for-profit organisation by a will is called a legacy. It is:Read the answer and worked solution →A donation received with a specific condition, such as for a prize fund, is:Read the answer and worked solution →Not-for-profit organisations in India may be registered under which provision named in the textbook?Read the answer and worked solution →Which of these is NOT shown in the receipts and payments account?Read the answer and worked solution →Subscription outstanding for the current year appears in the balance sheet as:Read the answer and worked solution →Subscription received in advance during the current year for the next year is shown in the balance sheet:Read the answer and worked solution →Interest earned on prize fund investments should be:Read the answer and worked solution →The capital fund of a not-for-profit organisation is also called the:Read the answer and worked solution →The purchase of sports materials such as balls and nets is treated as:Read the answer and worked solution →Honorarium paid to a person who is not a regular employee is:Read the answer and worked solution →When a club sells old furniture, what enters the income and expenditure account?Read the answer and worked solution →In the balance sheet of a not-for-profit organisation, a surplus for the year is:Read the answer and worked solution →How is a bank overdraft at the beginning of the year entered in the receipts and payments account?Read the answer and worked solution →A club's assets total Rs 1,30,000 and its liabilities, being subscription in advance Rs 5,000 and a loan of Rs 10,000, total Rs 15,000. Its capital fund is:Read the answer and worked solution →

Worked practice questions

Not-for-profit organisations are also known as:

  1. Non-trading concerns or non-profit organisations
  2. Sole proprietary concerns or trading firms
  3. Partnership firms or joint stock companies
  4. Manufacturing concerns or trading concerns
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Correct answer: A. Non-trading concerns or non-profit organisations

1. Some organisations exist to render services to the public without any profit motive. 2. They may be created for the promotion of art, culture, education or sports. 3. The textbook calls these not-for-profit organisations, and adds that they are also called non-profit organisations or non-trading concerns. 4. Charitable institutions, educational institutions, cultural societies, sports clubs, hospitals and libraries are the examples it gives. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 2 "Accounts of Not-for-Profit Organisation", §2.1_

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The receipts and payments account is which type of account?

  1. A nominal account, like profit and loss
  2. A real account, summarising cash flows
  3. A personal account of the members
  4. A representative personal account
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Correct answer: B. A real account, summarising cash flows

1. The receipts and payments account summarises the cash and bank transactions of the year. 2. The textbook states plainly that it is a real account in nature. 3. It begins with the opening balances of cash and bank and ends with the closing balances. 4. The income and expenditure account, by contrast, is a nominal account, which is the pairing this question tests. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 2 "Accounts of Not-for-Profit Organisation", §2.3_

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The income and expenditure account is which type of account?

  1. A real account, summarising cash flows
  2. A personal account of the members
  3. A nominal account, like profit and loss
  4. A representative personal account
Show answer and solution

Correct answer: C. A nominal account, like profit and loss

1. The income and expenditure account summarises the revenue income and revenue expenditure of the current year. 2. The textbook states that it is a nominal account in nature. 3. It is prepared just like a profit and loss account, with incomes on the credit side and expenses on the debit side. 4. The receipts and payments account is the real account of the pair, so the two must not be swapped. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 2 "Accounts of Not-for-Profit Organisation", §2.5_

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