Question

11. Donation received for a special purpose (A) Should be credited to Income and Expenditure Account (B) Should be credited to separate account and shown in the Balance Sheet (C) Should be shown on the assets side (D) Should not be recorded at all. 12. Subscription received by a school for organising annual function is treated as (A) Capital Receipt (i.e., Liability) (B) Revenue Receipt {i.e., Income) (C) Asset (D) Earned Income 13. The amount of Entrance Fees received by a Non-profit organisation (if it is received regularly) is sh which of the following? (A) Liability side of Balance Sheet (B) Assets side of Balance Sheet (C) Debit side of Income and Expenditure Account (D) Credit side of Income and Expenditure Account 14. Out of following items which one is shown in the Receipts and Payments Account? (A) Outstanding Salary (B) Depreciation (C) Life Membership Fees (D) Accrued Subscription 15. Not-for-profit organisations prepare (A) Trading Account​

Answer 1

Answer:

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