Q14. Which of the following is false for Not-for-profit organisation?

Q: What is the correct answer for CUET UG Accountancy Q14?

The correct answer is a. In a Not-for-profit organization, scholarships granted to students out of funds provided by the government are usually treated as a capital receipt and not included in the Income and Expenditure Account. Instead, they are reflected in the Receipts and Payments Account as a capital receipt. These scholarships are typically meant to enhance the organization's assets or resources rather than being pa

Q: Q14. Which of the following is false for Not-for-profit organisation?

The correct answer is a. In a Not-for-profit organization, scholarships granted to students out of funds provided by the government are usually treated as a capital receipt and not included in the Income and Expenditure Account. Instead, they are reflected in the Receipts and Payments Account as a capital receipt. These scholarships are typically meant to enhance the organization's assets or resources rather than being pa

Q: What are the options for this CUET UG Accountancy question?

A. Scholarships granted to students out of funds provided by government will be credited to Income and Expenditure Account · B. Receipt and Payment Account does not differentiate between Capital and Revenue receipts · C. Opening Balance sheet is prepared when the opening Balance of Capital fund is not given · D. The balancing figure on credit side of Income and Expenditure denotes excess of expenses over incomes

Question

Q14. Which of the following is false for Not-for-profit organisation?

FirstInTest · Accepted Answer

In a Not-for-profit organization, scholarships granted to students out of funds provided by the government are usually treated as a capital receipt and not included in the Income and Expenditure Account. Instead, they are reflected in the Receipts and Payments Account as a capital receipt. These scholarships are typically meant to enhance the organization's assets or resources rather than being part of regular operational income and expenditure.

Answer

Scholarships granted to students out of funds provided by government will be credited to Income and Expenditure Account

Answer

Receipt and Payment Account does not differentiate between Capital and Revenue receipts

Answer

Opening Balance sheet is prepared when the opening Balance of Capital fund is not given

Answer

The balancing figure on credit side of Income and Expenditure denotes excess of expenses over incomes

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