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Donation received for a special purpose ...

Donation received for a special purpose :

A

Should be credited to Income and Expenditure Account

B

Should be credited to separate account and shown in the Balance Sheet

C

Should be shown on the assets side

D

Should not be recorded at all.

Text Solution

Verified by Experts

The correct Answer is:
B
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DK GOEL-Financial Statements of Not-for-Profit Organisations-Multiple Choice Questions
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  2. The amount of 'Subscription received from members' by a Non-profit org...

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  3. Donation received for a special purpose :

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  4. Subscription received by a school for organising annual function is tr...

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  5. The amount of 'Entrance Fees' received by a Non-profit organisation (i...

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  6. Out of following items. which one is shown in the Receipts and Payment...

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  7. Not-for-profit organisations prepare :

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  8. The Receipts and Payments Account is a summary of : debit and credit ...

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  9. Receipts and Payments Account is a :

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  10. Income and Expenditure Account is a :

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  11. Credit side balance in Income & Expenditure Account reveals :

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  12. Source of income for a not-for-profit organisation is :

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  13. Which of the following represent capital receipt :

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  14. Amount received from sale of grass by a club should be treated as: ca...

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  15. The amount received for sale of old sports materials by a Non-profit o...

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  16. If there is a 'Match Fund', then match expenses and incomes are transf...

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  17. Subscription received in advance during the current year is :

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  18. Subscription received in cash during the year amounted to Rs 40,000, s...

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  19. Subsription received in cash during the year amounted to Rs 5,00,000, ...

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  20. Subscription received in cash during the year amounted to Rs 60,000, s...

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