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Accounting Icom Part1

The document is an accounting exam for a non-profit organization that includes 3 questions. Question 1 has 6 multiple choice definitions. Question 2 asks to define 5 terms related to non-profit accounting. Question 3 provides the receipts and payments account for a recreation club and asks to compile an income and expenditure account using the information provided, including subscription arrears, outstanding expenses, unpaid salary, and depreciation write-off.

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Ayman Chishty
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145 views1 page

Accounting Icom Part1

The document is an accounting exam for a non-profit organization that includes 3 questions. Question 1 has 6 multiple choice definitions. Question 2 asks to define 5 terms related to non-profit accounting. Question 3 provides the receipts and payments account for a recreation club and asks to compile an income and expenditure account using the information provided, including subscription arrears, outstanding expenses, unpaid salary, and depreciation write-off.

Uploaded by

Ayman Chishty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Objective

SUPERIOR GROUP OF COLLEGES Test# 2


INTERMEDIATE
CLASS SUBJECT ACCOUNTING TOTAL MARKS 30
PART-II
DATE SYLLABUS CH# 2 TIME ALLOWED 01 Hours
STUDENT
ROLL NO. SECTION
NAME
Total Marks: 30
Question No. 1: Select the correct answer and encircle it. (06 Marks)
1: Primary non-proft organization involved in:
a) Buy goods b) Selling goods c) manufacturing goods d) none of these
2: Receipts and payment account is :
a) Profit and loss b) Balance sheet c) Trial balance d) Cash book
3: Sale of old news paper should b treated as:
a) Income b) Asset c) liability d) expense
4: Capital nad revenue receipts of non-trading concern are recorded in the receipts and payment
account:
a) Right side b) left side c) positive side d) negative side
5: the amount received by the concern as per the will of donator :
a) Donation b) Legacy c) expenses d) Subscription
6: Main source of non-trading concern is:
a) Subscription b) donation c) sales d) dividend on
investment

Question No. 2: Define the following terms: (10 Marks)

1) what is meant by donation ?

2) what is meant by term deficit ?

3) Define non-profitable concern ?

4) What is meant by legacy ?

5) What is difference between trading concern


and non-trading concern ?

Question No. 3: (07 Marks)


Below is the receipt and payments account of Masood recreation club for the year ended 31 st
December 2016. From the particulars contained therein and the subjoined information compile an
income and expenditure account for that period:

Payment Rs. Receipts Rs.


General exp 600 Balance b/d 1300
Salaries and wages 700 Annual subscription 1600
Furniture 900 Life membership fee 300
Rent , rates and taxes 500 Entrance fee 200
Printing and 150 Interest on securities 200
stationary
Repairs 150 Sundry receipts 50
Balance 650 -------------- ----
Total 3650 3650

The annual subscription in arrear amounted to Rs.400/-. General exp outstanding on 31 st


December 2017 were Rs. 50/- secretary’s salary Rs.200/-
Though sanction by the club. but had not been paid. Rs. 200/- is written off as depreciation on
furniture. Life membership fee to be treated as revenue.

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