Q14. Identify the accounts related to a Not-for-Profit Organisation.
(A) Profit and Loss Appropriati

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

The correct answer is B. Accounts related to a Not-for-Profit Organization (NPO) typically include: B. Receipt and Payment Account: This account records all actual cash receipts and payments made by the organization during a specific period. It provides a summary of cash transactions, including subscriptions received, expenses paid, and any cash surplus or deficit. C. Subscription Account: Subscription accounts are used t

Q: Q14. Identify the accounts related to a Not-for-Profit Organisation. (A) Profit and Loss Appropriation Account (B) Receipt and Payment Account (C) Subscription Account (D) Income and Expenditure…

The correct answer is B. Accounts related to a Not-for-Profit Organization (NPO) typically include: B. Receipt and Payment Account: This account records all actual cash receipts and payments made by the organization during a specific period. It provides a summary of cash transactions, including subscriptions received, expenses paid, and any cash surplus or deficit. C. Subscription Account: Subscription accounts are used t

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

A. (A), (B) and (C) only · B. (B), (C) and (D) only · C. (C), (D) and (E) only · D. (B), (C), (D) and (E) only

Question

Q14. Identify the accounts related to a Not-for-Profit Organisation.
(A) Profit and Loss Appropriation Account
(B) Receipt and Payment Account
(C) Subscription Account
(D) Income and Expenditure Account
(E) Trading and Profit and Loss Account
Choose the correct answer from the options given below:

FirstInTest · Accepted Answer

Accounts related to a Not-for-Profit Organization (NPO) typically include: B. Receipt and Payment Account: This account records all actual cash receipts and payments made by the organization during a specific period. It provides a summary of cash transactions, including subscriptions received, expenses paid, and any cash surplus or deficit. C. Subscription Account: Subscription accounts are used to track membership fees or contributions received from members or donors. They are a key source of revenue for many NPOs and are essential for their financial sustainability. D. Income and Expenditure Account: This account summarizes the income and expenses of the NPO for a specific accounting period. It helps determine whether the organization had a surplus (excess of income over expenditure) or a deficit (excess of expenditure over income) during that period.

Answer

(A), (B) and (C) only

Answer

(B), (C) and (D) only

Answer

(C), (D) and (E) only

Answer

(B), (C), (D) and (E) only

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