12th class Principle of Accounting chapter 2 online mcq test with answers for ICom part 2 Principle of Accounting Chapter 2 (The Accounts of Non-Profit Making Organizations)

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Sr.#	Question	Answer
1	Subscription Received in advance is.	A. An income B. An assets C. Liability D. An expenditure
2	Credit side of iincome and expenditure account records.	A. Expenses and losses B. Income and gains C. Assets D. Liabilities
3	At the end of the year non trading institutions prepare.	A. Profit and loss account B. Income and expenditure account C. Manufacturing account D. None of the above
4	Purchase of sports material for the club should be treated as.	A. Expense B. Assets C. Income D. Liability
5	Non-profit making organization is also known as	A. Non-profit seeking concern B. Non-trading concern C. Trading concern D. "a" and "b"
6	Debit side of income and expenditur eaccount records.	A. Expenses and losses B. Income and gains C. Assets D. Liabilities
7	Receipts and payments account records transaction relating to	A. Past year B. Future year C. Present year D. All of the above
8	Subcription received during the current year is.	A. An income B. An expenditure C. An asset D. An liability.
9	Surplus balance cna be shown in the balnce sheet as.	A. Asset B. Liability C. Owner's equity D. None of these
10	Non- trading concern prepare.	A. Profit and loss account B. Income and expenditure account C. Manufactureing account D. None of these