TEST MCQ SKILLS A Place to Test your MCQs SKILLS
NON TRADING CONCERNS MCQs with ANSWERS
1. The institutions, which deal in activities other than trade are called:
(A) Trading concerns
(B) Non-trading concerns
(C) Manufacturing concerns
(D) None of them
Answer
2. The record of cash kept by the non-trading concerns is shown by:
A) Receipt & payment account
(B) Income & loss account
C) Profit & loss account
(D) Manufacturing account
Answer
3. An account, prepared to compute the surplus or deficit of a club or society is termed:
A) Revaluation account
(B) Realization account
C) Income & expenditure account
(D) Revenue account
Answer
4. When the assets of a charitable institution exceed its liabilities, the excess balance is shown as:
A) Accumulated surplus
(B) Deficit
C) Revenue income
(D) Net profit
Answer
5. All receipts and payments of capital nature of non-trading concern are shown in the:
A) Receipt & payment account
(B) Income & expenditure account
C) Balance sheet
(D) None of the above
Answer
6. The balance sheet of a hospital does not contain the item of:
A) Cash
(B) Owner’s equity
C) Building
(D) Stock
Answer
7. A fee paid by the members of club at the time of becoming the member is called:
A) Grant
(B) Subscription
C) Entrance fee
(D) Donation
Answer
8. The main objective of non-trading concern is to:
(A) Earn profit
(B) To create monopoly
(C) Both “a” & “b”
(D) Welfare of society
Answer
9. Special subscription should be treated as:
(A) Expense
(B) Capital
(C) Liability
(D) None of them
Answer
10. Which of the following is treated as income in non-trading concern:
(A) Entrance fee
(B) Sale of asset
(C) Endowment fund
(D) Telephone charges
Answer
11. Gift presented to chief guest at annual function by non-trading concern is:
(A) Gift
(B) Reward
(C) Honorarium
(D) All of these
Answer
12. The balance sheet of a hospital does not contain the item of:
(A) Cash
(B) Owner’s equity
(C) Building
(D) Stock
Answer
13. Capital fund is shown on:
(A) Asset side
(B) Liability side
(C) Both “a” & “b”
(D) None of these
Answer
14. Endowment fund is:
(A) Liability
(B) Asset
(C) Income
(D) Expenditure
Answer
15. Sale of old newspaper should be treated as:
(A) Liability
(B) Asset
(C) Income
(D) Expenditure
Answer
Regards for helping out, superb information.
I’ve been surfing on-line greater than 3 hours nowadays, yet I by no means discovered any interesting article like yours. It¦s beautiful price enough for me. In my view, if all site owners and bloggers made excellent content as you did, the web will likely be a lot more useful than ever before.
Thanks for sharing your thoughts. I truly appreciate your efforts
and I am waiting for your next post thanks once again.