NPO Fund Based Accounting

Fund means amount received or set aside out of ---------- for a specific purpose

• Surplus

• Deficit

• both

• none

Capital fund is --------- fund

Prize fund is restricted fund.

• true

• false

Scholarship granted to students out of funds provided by government will be debited to Income & Expenditure A/c

• True

• False

Prize fund Investment are shown on the ---------- side of the balance sheet

When Tournament expense incurred are more than the Tournament fund, then the excess amount is:

• debited to income & expenditure a/c

• credited to tournament fund

• shown on the asset side of balance sheet

• credited to income & expenditure a/c

Given -Match expenses Rs. 10,000; proceeds form sale of match tickets Rs. 16,000; Where these items are treated and how?

• 6,000 in dr. side of I&E A/c

• 6,000 in cr. side of I&E A/c

• 6,000 in assets side of balance sheet

• 6,000 in liabilities side of balance sheet

If there is building fund, expenses relating to building fund will be shown on debit side of I & E A/c.

• true

• false