[CH.2J THE ACCOUNTS OF NON-PROFIT MAKING ORGJ
Non-profit seeking organizations are also known as
Profit seeking organizations are also known as------
Non-profit making organizations do not deal in----
Receipts and payments account is a--------------------
account.
Income and expenditure account is usually prepared at the end of----------------- —.
Subscription received for previous year and next year should be---------------------------
year subscription.
----- is collected from members over and above the regular subscript
special purposes.
Special subscription is------------------------ to special fund account.
- is paid by a new member at the time of admission in non-] organizations.
Generally, admission fee is regarded as a------------------- income and------------
income and expenditure account.
----------------------- refers to property received by virtue of a will of a person after his <
Legacy is a •
----------------- receipt.
----------------------- is paid to become the life member of non-profit making organizati
The portion of the life membership fee which is used in current year is------------------
and the remaining portion is regarded as---------- --------- income.
The amount paid to lecturers invited by club is known as —------------------- .
Subscription received in advance is a------------------------ .
side of balance sheet.
Subscription outstanding is shown onCapital fund is also known as----------
Donations Rs. 10000, 60% capitalized ----------- ------------ will be credited t
expenditure account.
Life membership fee, 10% credited to income and expenditure account--------------
credited to capital fund.
Choose the most appropriate answer from the following four ans
Non-profit making organizations
(a) Buy goods (b) Manufacture goods
(c) Sell goods (d) None of these
Example of non-profit making organization
(a) Fan factory (b) Sugar industry
(c) Hospital (d) . Shoe factory
Non-profit making organizations are established for
(a) Profit (b) Charitable or religious purpos
(c) To manufacture goods (d) To help the rich people
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