Chapter 11: Accounting of not for profit organisation using TallyPrime — Online MCQ Test
AUDITING · CLASS 12th · Tamil Nadu State Board
Practice Chapter 11: Accounting of not for profit organisation using TallyPrime with a free chapter-wise online MCQ test.
This chapter covers: Focusing on non-commercial entities this chapter covers TallyPrime configuration for non-profit organizations. Students practice ledger creation income expenditure vouchers and bal....
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Chapter 11: Accounting of not for profit organisation using TallyPrime — Important Questions & Answers
Which type of organisation is mainly dealt with in accounting of not-for-profit organisations?
- A. Trading concern
- B. Non-commercial entity
- C. Manufacturing company
- D. Partnership firm only
Answer: B. Non-commercial entity
Not-for-profit organisations are non-commercial entities that are formed for service purposes rather than profit-making.
Not-for-profit organisations are non-commercial entities that are formed for service purposes rather than profit-making.
In TallyPrime, which statement is used to prepare the financial position of a not-for-profit organisation?
- A. Profit and Loss Account
- B. Balance Sheet
- C. Trial Balance
- D. Sales Register
Answer: B. Balance Sheet
The Balance Sheet shows the assets and liabilities of the organisation at the end of the accounting period.
The Balance Sheet shows the assets and liabilities of the organisation at the end of the accounting period.
A sports club receives membership fees. How should this amount generally be treated?
- A. As capital expenditure
- B. As income of the club
- C. As liability always
- D. As drawings
Answer: B. As income of the club
Membership fees are considered income because they are received for the regular functioning of the club.
Membership fees are considered income because they are received for the regular functioning of the club.
Which of the following is the correct sequence for creating a basic ledger in TallyPrime?
- A. Gateway of Tally → Create → Ledger → Enter details
- B. Gateway of Tally → Display → Trial Balance → Ledger
- C. Gateway of Tally → Alter → Voucher Type → Ledger
- D. Gateway of Tally → Reports → Balance Sheet → Ledger
Answer: A. Gateway of Tally → Create → Ledger → Enter details
Ledger creation in TallyPrime is done from the Create menu after opening Gateway of Tally.
Ledger creation in TallyPrime is done from the Create menu after opening Gateway of Tally.
Which of the following is the most appropriate treatment of entrance fees received by a not-for-profit organisation, if the amount is substantial and meant to strengthen the fund?
- A. Always revenue income
- B. Always capital receipt
- C. Depending on the nature, it may be treated as capital receipt
- D. It cannot be recorded in TallyPrime
Answer: C. Depending on the nature, it may be treated as capital receipt
Entrance fees may be treated either as revenue or capital depending on the organisation’s policy and the nature of the receipt.
Entrance fees may be treated either as revenue or capital depending on the organisation’s policy and the nature of the receipt.