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    Business 2

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    Sunil Nain
    (1) Receipts and Payments accounts summarize all revenue and capital receipts and payments of not-for-profit organizations. (2) Subscriptions received by a school for organizing an annual function are treated as revenue receipts, not capital receipts, assets, or earned income. (3) Donations received by a charitable trust to purchase fixed assets are treated as capital receipts in their receipts and payments account.

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    Business 2

    Uploaded by

    Sunil Nain
    14 views1 page
    (1) Receipts and Payments accounts summarize all revenue and capital receipts and payments of not-for-profit organizations. (2) Subscriptions received by a school for organizing an annual function are treated as revenue receipts, not capital receipts, assets, or earned income. (3) Donations received by a charitable trust to purchase fixed assets are treated as capital receipts in their receipts and payments account.

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    (1) Receipts and Payments accounts summarize all revenue and capital receipts and payments of not-for-profit organizations. (2) Subscriptions received by a school for organizing an annual function are treated as revenue receipts, not capital receipts, assets, or earned income. (3) Donations received by a charitable trust to purchase fixed assets are treated as capital receipts in their receipts and payments account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    14 views1 page

    Business 2

    Uploaded by

    Sunil Nain
    (1) Receipts and Payments accounts summarize all revenue and capital receipts and payments of not-for-profit organizations. (2) Subscriptions received by a school for organizing an annual function are treated as revenue receipts, not capital receipts, assets, or earned income. (3) Donations received by a charitable trust to purchase fixed assets are treated as capital receipts in their receipts and payments account.

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    Accounting for Not for Profit Organisation Class 12

    MCQs Questions with Answers


    Question 1.
    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

    AnswerAnswer: (c) All Revenue and Capital Receipts and Payments

    Question 2.
    Subscription received by a schoblfbr organising annual V function is treated as:
    (a) Capital Receipt
    (b) Revenue Receipt
    (c) Asset
    (d) Earned Income

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