80 + Mcqs in Accountancy McqOptions

1.	Property received as a result of the will of the deceased person is calledμ
A.	Legacy
B.	Honorarium
C.	Donation
D.	Subscription
Answer» B. Honorarium

Discussion

2.	Balance of Income and Expenditure Account shows—
A.	Cash in hand
B.	Capital Fund
C.	Net Profit
D.	Excess of Income over Expenditure or vice-versa
Answer» E.

Discussion

3.	If income is ` 16,000 and ‘deficit’ debited to capital fund is ` 4,300, then expenditure is—
A.	16,000
B.	4,300
C.	20,300
D.	None of these
Answer» D. None of these

Discussion

4.	Subscriptions received in cash during the year ` 5,000, amount received in advance for the next year is ` 300. Amount outstanding for current year was ` 400. The amount to be credited to the Income and Expenditure Account is—
A.	4,000
B.	5,100
C.	4,200
D.	4,600
Answer» C. 4,200

Discussion

5.	All receipts from sale of consumable items are treated as—
A.	Capital Receipts
B.	Revenue Receipts
C.	Both ‘A’ and
D.	None of these
Answer» C. Both ‘A’ and

Discussion

6.	In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on—
A.	Liabilities side of the Balance Sheet
B.	Debit side of the Income and Expenditure Account
C.	Credit side of the Income and Expenditure Account
D.	Assets side of the Balance Sheet
Answer» C. Credit side of the Income and Expenditure Account

Discussion

7.	Subscription received during the year ` 1,80,000; Subscriptions outstanding at the end of the year ` 20,000; Subscriptions received in advance at the end of the year ` 10,000. The amount of subscription to be credited to Income and Expenditure Account will be—
A.	2,10,000
B.	1,90,000
C.	1,70,000
D.	2,00,000
Answer» C. 1,70,000

Discussion

8.	Subscription received during the year ` 50,000; Subscriptions outstanding at the end of the year ` 8,000; Subscription outstanding at the beginning of the year ` 6,000. Net Income from subscription will be—
A.	48,000
B.	64,000
C.	52,000
D.	36,000
Answer» D. 36,000

Discussion

9.	Receipts and Payments A/c is a summary of—
A.	All Capital Receipts and Payments
B.	All Revenue Receipts and Payments
C.	All Revenue and Capital Receipts and Payments
D.	None of the above
Answer» D. None of the above

Discussion

10.	Entrance fees received by a Club is treated as—
A.	Revenue Receipt
B.	Capital Receipt
C.	Revenue Expenditure
D.	None of these
Answer» B. Capital Receipt

Discussion

11.	Subscription received by an organisation is—
A.	Capital Receipt
B.	Revenue Receipt
C.	Both ‘A’ and ‘B’
D.	None of the above
Answer» C. Both ‘A’ and ‘B’

Discussion

12.	The main object of non-profit organisation is—
A.	To earn the Profit
B.	To Serve the Society
C.	To Prepare Profit & Loss A/c
D.	All the above
Answer» C. To Prepare Profit & Loss A/c

Discussion

13.	Most transactions in non-trading concerns are—
A.	Cash
B.	Credit
C.	Both (A) and (B)
D.	None of these
Answer» D. None of these

Discussion

14.	Income and Expenditure A/c includes—
A.	Revenue Items
B.	Capital Items
C.	Both (A) and
D.	None of these
Answer» B. Capital Items

Discussion

15.	Which of the following is not an income—
A.	Subscription
B.	Donation
C.	Sale of Ticket
D.	Endowment Fund
Answer» E.

Discussion

16.	Subscriptions received in advance by a Club are shown on .......... side of the Balance Sheet—
A.	Assets Side
B.	Liabilities Side
C.	Debit Side
D.	Credit Side
Answer» C. Debit Side

Discussion

17.	The excess of assets over liabilities in non-trading concerns is treated as—
A.	Capital Fund
B.	Capital
C.	Profit
D.	Net Profit
Answer» B. Capital

Discussion

18.	Which of the following is not a not-for-profit organisation—
A.	School
B.	Hospital
C.	Club
D.	Partnership Firm
Answer» E.

Discussion

19.	All items of revenue in nature are shown in—
A.	Income and Expenditure A/c
B.	Balance Sheet
C.	A and B both
D.	None of these
Answer» B. Balance Sheet

Discussion

20.	All receipts of capital nature are shown in—
A.	Income and Expenditure A/c
B.	Balance Sheet
C.	P. & L. A/c
D.	None of these
Answer» C. P. & L. A/c

Discussion

21.	Life membership fee received by a Club is—
A.	Revenue Receipt
B.	Capital Receipt
C.	A and B both
D.	None of these
Answer» C. A and B both

Discussion

22.	Entrance fee, unless otherwise stated, is treated as—
A.	Revenue Receipts
B.	Capital Receipts
C.	Liability
D.	None of these
Answer» B. Capital Receipts

Discussion

23.	Outstanding subscription is a/an—
A.	Income
B.	Asset
C.	Liability
D.	None of these
Answer» C. Liability

Discussion

24.	Income and Expenditure Account records—
A.	Capital items
B.	Revenue items
C.	A and B both
D.	None of these
Answer» C. A and B both

Discussion

25.	Specific donation is—
A.	Capital Receipt
B.	Revenue Receipt
C.	Asset
D.	None of these
Answer» B. Revenue Receipt

Discussion

26.	Payment of Honorarium to secretary is treated as—
A.	Capital Expenditure
B.	Revenue Expenditure
C.	Cash Expenses
D.	None of these
Answer» C. Cash Expenses

Discussion

27.	Legacies should be treated as—
A.	Liability
B.	Revenue Receipt
C.	Capital Receipt
D.	None of these
Answer» D. None of these

Discussion

28.	Life membership fees of non-trading concerns is—
A.	Capital Receipts
B.	Revenue Receipts
C.	Both
D.	None of these
Answer» B. Revenue Receipts

Discussion

29.	Income and expenses related to the prize fund is shown in—
A.	Income and Expenditure Account
B.	Assets side of the Balance Sheet
C.	Liabilities side of the Balance Sheet
D.	Cash Account
Answer» B. Assets side of the Balance Sheet

Discussion

30.	Sale of old newspapers is—
A.	Capital Receipt
B.	Revenue Receipt
C.	Asset
D.	Profit
Answer» C. Asset

Discussion

Explore topic-wise MCQs in Testing Subject.

Property received as a result of the will of the deceased person is called&mu;

Balance of Income and Expenditure Account shows&mdash;

If income is ` 16,000 and &lsquo;deficit&rsquo; debited to capital fund is ` 4,300, then expenditure is&mdash;

Subscriptions received in cash during the year ` 5,000, amount received in advance for the next year is ` 300. Amount outstanding for current year was ` 400. The amount to be credited to the Income and Expenditure Account is&mdash;

All receipts from sale of consumable items are treated as&mdash;

In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on&mdash;

Subscription received during the year ` 1,80,000; Subscriptions outstanding at the end of the year ` 20,000; Subscriptions received in advance at the end of the year ` 10,000. The amount of subscription to be credited to Income and Expenditure Account will be&mdash;

Subscription received during the year ` 50,000; Subscriptions outstanding at the end of the year ` 8,000; Subscription outstanding at the beginning of the year ` 6,000. Net Income from subscription will be&mdash;

Receipts and Payments A/c is a summary of&mdash;

Entrance fees received by a Club is treated as&mdash;

Subscription received by an organisation is&mdash;

The main object of non-profit organisation is&mdash;

Most transactions in non-trading concerns are&mdash;

Income and Expenditure A/c includes&mdash;

Which of the following is not an income&mdash;

Subscriptions received in advance by a Club are shown on .......... side of the Balance Sheet&mdash;

The excess of assets over liabilities in non-trading concerns is treated as&mdash;

Which of the following is not a not-for-profit organisation&mdash;

All items of revenue in nature are shown in&mdash;

All receipts of capital nature are shown in&mdash;

Life membership fee received by a Club is&mdash;

Entrance fee, unless otherwise stated, is treated as&mdash;

Outstanding subscription is a/an&mdash;

Income and Expenditure Account records&mdash;

Specific donation is&mdash;

Payment of Honorarium to secretary is treated as&mdash;

Legacies should be treated as&mdash;

Life membership fees of non-trading concerns is&mdash;

Income and expenses related to the prize fund is shown in&mdash;

Sale of old newspapers is&mdash;

Property received as a result of the will of the deceased person is calledμ

Balance of Income and Expenditure Account shows—

If income is ` 16,000 and ‘deficit’ debited to capital fund is ` 4,300, then expenditure is—

Subscriptions received in cash during the year ` 5,000, amount received in advance for the next year is ` 300. Amount outstanding for current year was ` 400. The amount to be credited to the Income and Expenditure Account is—

All receipts from sale of consumable items are treated as—

In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on—

Subscription received during the year ` 1,80,000; Subscriptions outstanding at the end of the year ` 20,000; Subscriptions received in advance at the end of the year ` 10,000. The amount of subscription to be credited to Income and Expenditure Account will be—

Subscription received during the year ` 50,000; Subscriptions outstanding at the end of the year ` 8,000; Subscription outstanding at the beginning of the year ` 6,000. Net Income from subscription will be—

Receipts and Payments A/c is a summary of—

Entrance fees received by a Club is treated as—

Subscription received by an organisation is—

The main object of non-profit organisation is—

Most transactions in non-trading concerns are—

Income and Expenditure A/c includes—

Which of the following is not an income—

Subscriptions received in advance by a Club are shown on .......... side of the Balance Sheet—

The excess of assets over liabilities in non-trading concerns is treated as—

Which of the following is not a not-for-profit organisation—

All items of revenue in nature are shown in—

All receipts of capital nature are shown in—

Life membership fee received by a Club is—

Entrance fee, unless otherwise stated, is treated as—

Outstanding subscription is a/an—

Income and Expenditure Account records—

Specific donation is—

Payment of Honorarium to secretary is treated as—

Legacies should be treated as—

Life membership fees of non-trading concerns is—

Income and expenses related to the prize fund is shown in—

Sale of old newspapers is—