Legacies

Q.

Legacies should be treated as -

Q. Legacies are a of a non-profit organisation.

1. revenue receipt
2. capital receipt
3. revenue expenditure
4. capital expenditure

Q.

Property received as a result of the will of the deceased person is called ____

1. Honorarium

2. Donation

3. Subscription

4. Legacy

Q.

Legacy is shown in which of the following financial statement of NPO?

1. Both:

   Receipts and Payments Account

   Income and Expenditure Account

2. Receipts and Payments Account

3. Both:

   Receipts and Payments Account

   Balance sheet

4. Income and Expenditure Account

Q.

Legacies are shown as a/an _________.

1. None of these

2. A liability

3. A Revenue Receipts

4. An Income

Q.

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

1. Donation

2. Honorarium

3. Endowment

4. Legacy

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

1. donation
2. honorarium
3. legacies
4. subscription

Q.

What is the entry passed when life membership fee is received?

1. Cash Debit and capital Credit

2. Life membership Debit and cash Credit

3. Cash Debit and life membership fund Credit

4. Investment Debit and cash Credit

Q. Match the items given in Column I with the headings and subheadings (balance sheet) as defined in schedule III of Companies Act, 2013.

Column I	Column II
i. Spares	a. Intangible fixed assets
ii. Copyrights	b. Other current assets
iii. Prepaid salary	c. Long-term borrowings
iv. Bank loan	d. Inventories
v. Furniture	e. Tangible fixed assets

Choose the correct option.

[0.88 marks]

1. (I)-(a), (II)-(b), (III)- (d), (IV)- (c), (V)-(e)
2. (I)-(d), (II)- (a), (III)-(b), (IV)- (c), (V)-(e)
3. (I)-(d), (II)- (a), (III)-(b), (IV)-(e), (V)-(c)
4. (I)- (e), (II)- (d), (III)- (a), (IV)-(b), (V)-(b)

Q.

Legacies should be treated as

1. An Asset

2. A Revenue Receipt

3. A Capital Receipt

4. None of these

Q.

Is Deferred revenue an asset?

Q.

what does a negative goodwill indicate?

Q. Donations received by a non-profit organisation are usually ___________.

1. revenue receipt
2. capital receipt
3. revenue expenditure
4. capital expenditure

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

1. Donation
2. Honorarium
3. Legacy
4. Endowment

Q. Membership fees earned is an item of ___________.

1. asset
2. revenue
3. expense
4. liability