Examples of NPO

Q.

Give Four Limitations of a Computerised Accounting System

Q. is the father of accounting.

1. Al Capone
2. Luca Pacioli
3. Frank Wilson
4. Adam Smith

Q.

What are the attributes of accounting?

Q.

Which of the following is generally considered as a non profit organisation?

1. Charitable organization

2. Corporation
   
   

3. Audit firms
   

4. Insurance companies

Q.

__________ is an example of non-profit concern.

1. Civil hospital

2. Private educational institutions

3. Commercial banks

4. Joint stock company

Q.

Club is an example of _______.

1. Yes

2. No

3. Can't say

4. None of these

Q. From the following information, calculate Cash Flow from Investing Activities:

	₹			₹
Purchase of Machine	2, 50, 000		Purchase of Investments	1, 60, 000
Purchase of Goodwill	1, 00, 000		Sale of Patents	40, 000
Sale of Machine	35, 000		Interest and Dividend Received	10, 000
Sale of Investment	50, 000

A building was purchased as investment out of surplus which was let out for commercial purposes.
Rent Received ₹20, 000.

Q. World Wildlife Fund is an example of a organisation .

1. profit earning
2. loss making
3. non-profit
4. market capturing

Q.

with the help following data calculate : (1) private income ; (2) personal income; (3) personal disposable income .

PARTICULAR RS. IN CRORES

1. savings of private corporate sector 80

2.direct taxes paid by households 30

3. operating surplus 200

4.factor income from domestic product accruing to private sector 750

5.corporation tax 40

6.current transfrs from govt. dministrtiv deprtment 20

7.net factor income from abroad - 25

8.capital transfers from the rest of the world 60

9. current transfers from the rest of the world 45

10.savings of non-dpartmental enterprises 105

11.income from property and enterprnurship accruing to govt. administrative departments 200

Q. accounting makes use of accounting skills for investigating frauds for legal proceedings.

1. Management
2. Cost
3. Forensic
4. FInancial

Q.

What are the types of accounting errors?

Q. Statutory Audit means an audit which is compulsory by any statute. The following audits falls in the category of statutory audit?

1. Under Sec.233-B, the Central Government may direct audit of cost accounts of a company to be conducted by cost accountants.
2. Under Sec.233-A, of company Act, the Central Government may direct special audit of the accounts of the company.
3. All of the above
4. Under Sec. 44-AB of Income Tax Act, Tax Audit is compulsory (i) in case of business where total sales in any year exceed Rs.40 lakhs and (ii) in case of profession - gross profectional receipts in any year exceed Rs. 10 lakhs.
5. Audit of financial accounts of companies is mandatory under the company's Act.

Q.

As at March 31, 2008 the following balances have been extrated from the books of the Indian Chartered Accountants Recreation Club and you are asked to prepare (1) Trading Account for ascertaining gross profit derived from running restaurant and dining room and (2) Income and Expenditure Account for the year ended March 31, 2008 (3) and a Balance Sheet as at that date.

Debit Balances	Rs	Credit Balances	Rs
Stock-in-hand	1170	Receipts Dining Room	87, 660
Purchases	24, 660	Subscriptions	9, 450
Dining Room	32, 370	Billiard's Receipts	7, 300
Rent	10, 470	Sunday Receipts	410
Wages	18, 690	Interest on Fixed Deposit	270
Repairs and Renewals	5, 400	Sundry Creditors	5310
Fuel and Light	5, 280	Grant from Institute (permanent)	42, 000
Misc. Expenses	4, 050	Income and Exp. A/c (1.4.07)	1, 380
Cash in hand	560	Suspense A/c (See note)	60
Cash at bank	2, 760
Fixed Deposit	8, 500
Sundry Debtors	2, 250
China glass, cutlery and linen	600
Billiard Table	2, 070
Fixtures and Fittings	870
Furniture	4, 140
Club Premises	30, 000
	1, 53, 840		1, 53, 840

On March 31, 2008 stock of restaurant consisted of Rs 900 and Rs 60 respectively. Provide depreciations Rs 60 on fixtures and fittings, Rs 390 on billiard table and Rs 560 on furniture.

Q.

A sports club received Rs 20, 000 as a donation of which Rs 5, 000 is given specifically for conducting a tournament. How much amount is shown as an income in income and expenditure account?

1. College

2. Sports Club

3. Maruti Udyog

4. Hospital

Q. is one of the examples of NPO.

1. Reliance Co.
2. Tata Ltd.
3. Hindustan Inc.
4. Clinton Foundation

Q. Ledger book is popularly known as _________.

1. secondary book of accounts
2. principal book of accounts
3. subsidiary book of accounts
4. none of the above

Q. An education institution is an example of non-profit association.

1. True
2. False

Q. _________ are the errors committed by persons responsible for recording and maintaining accounts of a business firm in the course of accounting process.

1. Marketing error
2. Accounting errors
3. Planning error
4. All of the above

Q. Non-recording of a transaction in books of account is an error of _______

1. Principle
2. Omission
3. Commission
4. Compensatory Nature

Q. Prize Fund Rs.22, 000. Intrest on prize fund investment Rs.3, 000. Prizes given Rs.5, 000. Prize Fund Investments Rs.18, 000.

Q.

who gives contracts to sulabh international?

Asked byYoshita Gangal1 week, 1 day agoSub

Q.

Examples of NPO`s is/are -

1. Hospitals

2. Charitable Institutions

3. Trusts

4. All of these

Q. Objective type questions.
Answer in one sentence only.

What is single entry system?

Q. Unintentional omission or commission of amounts and accounts in the process of recording transactions are known as __________.

1. misinterpretation
2. errors
3. none of the above
4. frauds

Q. 'Good sent on approval basis' have been recorded as 'Credit sales'. This is an example of

1. Error of principle
2. Error of commission
3. Error of omission
4. Error of duplication

Q. When transaction has been recorded in total disregard to the fundamentals of double entry system, the mistake or error is called errors of ______.

1. Principle
2. Omission
3. Commission
4. None

Q. When any particular transaction has not at all been entered in the journal or in the book of original entry, it cannot be posted into the ledger at all, such errors are known as ___________.

1. errors of partial ommission
2. compensating errors
3. errors of complete ommission
4. errors of principle

Q. Which of the following should not be considered by the auditor before planning for an audit?

1. Degree of reliance expected to be placed on accounting system and internal control
2. Setting of materiality levels
3. Requirements of creditors
4. Auditing requirements

Q. Not-for-profit organisations are organised as charitable trusts and subscribers to such organisation are called _________.

1. owners
2. members
3. shareholders
4. directors

Q.