Non-profit organisations accounts MCQs


21)

The amount or property received by a non- profit organization as stated by the will of a deceased person is commonly referred to as

A)  DonationWRONG ANSWER

B)  HonorariumWRONG ANSWER

C)  LegacyRIGHT ANSWER!!!

D)  EndowmentWRONG ANSWER


22)

Investment in sinking fund by a non-profit organization is a/an

A)  LiabilityWRONG ANSWER

B)  Accumulated fund WRONG ANSWER

C)  Asset RIGHT ANSWER!!!

D)  Equity WRONG ANSWER


23)

In non-profit accounting, the sale of old newspapers is generally considered as a/an

A)  ExpensesWRONG ANSWER

B)  Expenditure WRONG ANSWER

C)  Income RIGHT ANSWER!!!

D)  Capital receiptWRONG ANSWER