Foundation PN-2 Accounts and Cost Quiz 5

1. Any income arising from special fund will be credited to

2.

₹10. The amount to be credited to Income and Expenditure Account will be

3. Any donation received for a specific purpose is a

4. The information for the preparation of receipts and payments account is taken from

5. Sale of old materials must be shown on the credit side of

6. Any revenue expenses for which a separate fund is available will be

7. If ₹1,500 was outstanding at the beginning of the year towards subscription and ₹10,000 is received during the year, with ₹2,500 still outstanding at the end of the year the amount to be taken to receipts and payments account is

8. The capital of a non-profit organization is generally known as :

9. The receipts and payments account of a non-profit organization is a:

10. Any donation received for a specific purpose is a :

11. Legacy are generally -

12. Which one of the following is not prepared by non-profit organizations :

13. Endowment fund receipt is treated as -

14. Inventory is :

15. Consider the following data and identify the amount which will be deducted from sundry debtors in Balance sheet.                Particulars

₹

Bad debts (from trial balance)                                    1,600

Provision for doubtful debts (old)                              2,000

Current year’s provision (new)                                       800

16. Closing stock appearing in the trial balance is shown in –

17. Based on which of the following concepts, is share capital account shown on the liabilities side of a balance sheet?

18. Which of the following is not a part of financial statement?

19. The profit and loss Account shows the

20. Gross profit is equal to

21. Depreciation appearing in the Trial Balance should be

22. At the time of preparation of financial accounts, bad debts recovered account will be transferred to

23. A company wishes to earn a 20% profit margin on selling price. Which of the following is the profit mark upon cost, which will achieve the required profit margin?

24. The manufacturing account is prepared:

25. Fixed assets are :