CBSE Class 11 Accountancy Financial Statements Of Not For Profit Organizations Worksheet

Read and download free pdf of CBSE Class 11 Accountancy Financial Statements Of Not For Profit Organizations Worksheet. Students and teachers of Class 11 Accountancy can get free printable Worksheets for Class 11 Accountancy Financial Statements Of Not For Profit Organizations in PDF format prepared as per the latest syllabus and examination pattern in your schools. Class 11 students should practice questions and answers given here for Accountancy in Class 11 which will help them to improve your knowledge of all important chapters and its topics. Students should also download free pdf of Class 11 Accountancy Worksheets prepared by school teachers as per the latest NCERT, CBSE, KVS books and syllabus issued this academic year and solve important problems with solutions on daily basis to get more score in school exams and tests

Worksheet for Class 11 Accountancy Financial Statements Of Not For Profit Organizations

Class 11 Accountancy students should refer to the following printable worksheet in Pdf for Financial Statements Of Not For Profit Organizations in Class 11. This test paper with questions and answers for Class 11 will be very useful for exams and help you to score good marks

Class 11 Accountancy Worksheet for Financial Statements Of Not For Profit Organizations

Objective Questions

Question. Balance sheet is prepared to know
(a) financial performance.
(b) financial position.
(c) liabilities position.
(d) assets position. 

Answer :  B

Question. Debts that were earlier written off, if recovered, are transferred to the credit side of
(a) Debtors Account.
(b) Trading Account.
(c) Profit and Loss Account.
(d) Provision for Doubtful Debts Account. 

Answer :  C 

Question. Current liabilities are such obligations which are to be satisfied
(a) within one year.
(b) within two years.
(c) within three years.
(d) within four years. 

Answer :  A 

Question. Goods destroyed by fire costing Rs. 50,000 and insurance company admitted 60% claim. The adjustment will be entered in
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) Trading Account, Profit and Loss Account and Balance Sheet. 

Answer :  D

Question. Depreciation for current year in the Trial Balance is shown in
(a) Debit side of Profit and Loss Account and it is deducted from that particular asset in the Balance Sheet.
(b) Assets side of Balance Sheet as a deduction from the concerned Asset.
(c) Debit side of Profit and Loss Account.
(d) Debit side of Trading Account. 

Answer :  C

Question.  Computers owned by a firm are classified as
(a) Tangible Assets.
(b) Current Assets.
(c) Liquid Assets.
(d) Intangible Assets. 

Answer :  A 

Question. Trading Account is prepared to know
(a) Gross Profit.
(6) Net Profit.
(c) Balance of Capital.
(d) Financial Position. 

Answer :  A

Question. Profit and Loss Account is prepared to know
(a) Gross Profit or Gross Loss.
(6) Net Profit or Net Loss.
(c) Operating Profit or Operating Loss,
(d) Financial Position. 

Answer :  B 

Question. Salaries and Wages Account is shown in
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) Trading Account and Balance Sheet. 

Answer :  B

Question.  Closing Stock is valued at
(a) Cost.
(b) Net Realisable Value (Market Value).
(c) Cost or Net Realisable Value (Market Value), whichever is more.
(d) Cost or Net Realisable Value, whichever is less. 

Answer :  D 

Question. Revenue Expenditure is transferred to
(a) Profit and Loss Account.
(b) Trading and Profit and Loss Account.
(c) Balance Sheet.
(d) Purchases Account. 

Answer :  B

Question. Outstanding Salaries is shown as
(a) an asset in the Balance Sheet.
(b) a liability in the Balance Sheet.
(c) adjusted in Profit and Loss Account.
(d) both (b) and (c). 

Answer :  D

Question. Large advertisement expenditure to introduce a new product is
(a) Capital Expenditure.
(b) Revenue Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these. 

Answer :  C

Question. Purchase of machinery for production is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these. 

Answer :  B

Question. Which of the following is not the part of Financial Statements?
(a) Trial Balance
(b) Trading Account
(c) Profit and Loss Account
(d) Balance Sheet 

Answer :  A

 

Very Short Answer Type Questions

Question. The current asset does not include closing stock
Answer: False

Question. Goodwill is
1. Current Asset
2. Tangible Asset
3. Intangible Asset
4. Fictitious Asset

Answer: Intangible Asset

Question. What are the financial statements?
Answer: Financial statement is a statement which presents financial profit data and financial status of a company.

Question. Which is a trading account?
Answer: A trading account is a financial statement that shows the result of the purchase and selling of goods and services of an accounting year.

Question. State the formula to calculate operating profit from net profit.
Answer: Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses

Question. Define Balance Sheet.
Answer: A Balance Sheet is a statement which shows the liabilities, assets and shareholder’s equity of the enterprise. This statement comprises of 2 major groups in which it is categorized, namely, assets, which is classified into Non – Current Assets and Current assets. Current Assets are such assets which are easily transformed into cash. On the other hand, the Non – Current Assets are such types of assets with the assistance of which the enterprise operates the enterprise.

Question. Define Net profit
Answer: Net profit refers to the surplus of all the revenues overall expenses and losses of a company.

Question. The purpose of preparing a final account is to determine
1. Profit and Loss
2. Capital
3. The value of Assets
4. Profit and Loss and Financial position

Answer: Profit and Loss and Financial position

 

 

Q1) What are not profit organizations? How are they different from profit seeking organizations?

Q2) Explain the concept of Fund Based Accounting.

Q3) What is a Receipt and Payment A/c? Enumerate its features.

Q4) Why is Income and Expenditure A/c prepared? State its features.

Q5) Define and explain the accounting treatment of the following terms:

   a) Subscriptions

   b) Life membership subscription

   c) Entrance fees

   d) Legacy

Q6) Distinguish between:

   a) Receipts and Payments A/c and Income and Expenditure A/c

   b) Income and Expenditure A/c and Profit and Loss A/c.

  c) Receipts and Payments A/c and Cash book.

Q7) How will you deal with the given information while preparing the final accounts for the year 2002:

     Subscription received during 2002: for 2001- Rs. 5,000; for 2002- Rs. 30,000; for 2003- Rs. 6,000

    Subscription received in advance as at 31.12.2001- Rs. 6,000

    Subscription outstanding as at 31.12.2001- Rs. 6,000

    Subscription outstanding for the year 2002- Rs. 4,000

Q8) Calculate the amount of subscriptions to be credited to the Income and Expenditure A/c for the year ending 31st March,2003:

Subscription in arrears on 31.3.2002- Rs. 500

Subscription received in advance on 31.3.2002- Rs.1,100

Total subscription received during 2002-03 (including Rs. 400 for 2001-02, Rs. 900 for 2003-04 and Rs. 300 For 2004-05)- Rs. 35,400 Subscription outstanding for 2002-03- Rs. 400

 

 

Students must free download and practice these worksheets to gain more marks in exams. CBSE Class 11 Accountancy Worksheet - Financial Statements Of Not For-Profit Organisations

Chapter 06 Trial Balance and Rectification of Errors
CBSE Class 11 Accountancy Rectification Of Errors Worksheet
Chapter 07 Depreciation, Provisions and Reserves
CBSE Class 11 Accountancy Depreciation Provisions And Reserves Worksheet
Chapter 12 Applications of Computers in Accounting
CBSE Class 11 Accountancy Applications of Computers in Accounting Worksheet

More Study Material

CBSE Class 11 Accountancy Financial Statements Of Not For Profit Organizations Worksheet

We hope students liked the above worksheet for Financial Statements Of Not For Profit Organizations designed as per the latest syllabus for Class 11 Accountancy released by CBSE. Students of Class 11 should download in Pdf format and practice the questions and solutions given in the above worksheet for Class 11 Accountancy on a daily basis. All the latest worksheets with answers have been developed for Accountancy by referring to the most important and regularly asked topics that the students should learn and practice to get better scores in their class tests and examinations. Studiestoday is the best portal for Class 11 students to get all the latest study material free of cost.

Worksheet for Accountancy CBSE Class 11 Financial Statements Of Not For Profit Organizations

Expert teachers of studiestoday have referred to the NCERT book for Class 11 Accountancy to develop the Accountancy Class 11 worksheet. If you download the practice worksheet for one chapter daily, you will get higher and better marks in Class 11 exams this year as you will have stronger concepts. Daily questions practice of Accountancy worksheet and its study material will help students to have a stronger understanding of all concepts and also make them experts on all scoring topics. You can easily download and save all revision worksheet for Class 11 Accountancy also from www.studiestoday.com without paying anything in Pdf format. After solving the questions given in the worksheet which have been developed as per the latest course books also refer to the NCERT solutions for Class 11 Accountancy designed by our teachers

Financial Statements Of Not For Profit Organizations worksheet Accountancy CBSE Class 11

All worksheets given above for Class 11 Accountancy have been made as per the latest syllabus and books issued for the current academic year. The students of Class 11 can be rest assured that the answers have been also provided by our teachers for all worksheet of Accountancy so that you are able to solve the questions and then compare your answers with the solutions provided by us. We have also provided a lot of MCQ questions for Class 11 Accountancy in the worksheet so that you can solve questions relating to all topics given in each chapter. All study material for Class 11 Accountancy students have been given on studiestoday.

Financial Statements Of Not For Profit Organizations CBSE Class 11 Accountancy Worksheet

Regular worksheet practice helps to gain more practice in solving questions to obtain a more comprehensive understanding of Financial Statements Of Not For Profit Organizations concepts. Worksheets play an important role in developing an understanding of Financial Statements Of Not For Profit Organizations in CBSE Class 11. Students can download and save or print all the worksheets, printable assignments, and practice sheets of the above chapter in Class 11 Accountancy in Pdf format from studiestoday. You can print or read them online on your computer or mobile or any other device. After solving these you should also refer to Class 11 Accountancy MCQ Test for the same chapter.

Worksheet for CBSE Accountancy Class 11 Financial Statements Of Not For Profit Organizations

CBSE Class 11 Accountancy best textbooks have been used for writing the problems given in the above worksheet. If you have tests coming up then you should revise all concepts relating to Financial Statements Of Not For Profit Organizations and then take out a print of the above worksheet and attempt all problems. We have also provided a lot of other Worksheets for Class 11 Accountancy which you can use to further make yourself better in Accountancy

Where can I download latest CBSE Printable worksheets for Class 11 Accountancy Financial Statements Of Not For Profit Organizations

You can download the CBSE Printable worksheets for Class 11 Accountancy Financial Statements Of Not For Profit Organizations for latest session from StudiesToday.com

Can I download the Printable worksheets of Financial Statements Of Not For Profit Organizations Class 11 Accountancy in Pdf

Yes, you can click on the links above and download Printable worksheets in PDFs for Financial Statements Of Not For Profit Organizations Class 11 for Accountancy

Are the Class 11 Accountancy Financial Statements Of Not For Profit Organizations Printable worksheets available for the latest session

Yes, the Printable worksheets issued for Class 11 Accountancy Financial Statements Of Not For Profit Organizations have been made available here for latest academic session

How can I download the Class 11 Accountancy Financial Statements Of Not For Profit Organizations Printable worksheets

You can easily access the links above and download the Class 11 Printable worksheets Accountancy Financial Statements Of Not For Profit Organizations for each chapter

Is there any charge for the Printable worksheets for Class 11 Accountancy Financial Statements Of Not For Profit Organizations

There is no charge for the Printable worksheets for Class 11 CBSE Accountancy Financial Statements Of Not For Profit Organizations you can download everything free

How can I improve my scores by solving questions given in Printable worksheets in Class 11 Accountancy Financial Statements Of Not For Profit Organizations

Regular revision of practice worksheets given on studiestoday for Class 11 subject Accountancy Financial Statements Of Not For Profit Organizations can help you to score better marks in exams

Are there any websites that offer free test sheets for Class 11 Accountancy Financial Statements Of Not For Profit Organizations

Yes, studiestoday.com provides all latest NCERT Financial Statements Of Not For Profit Organizations Class 11 Accountancy test sheets with answers based on the latest books for the current academic session

Can test papers for Class 11 Accountancy Financial Statements Of Not For Profit Organizations be accessed on mobile devices

Yes, studiestoday provides worksheets in Pdf for Financial Statements Of Not For Profit Organizations Class 11 Accountancy in mobile-friendly format and can be accessed on smartphones and tablets.

Are worksheets for Financial Statements Of Not For Profit Organizations Class 11 Accountancy available in multiple languages

Yes, worksheets for Financial Statements Of Not For Profit Organizations Class 11 Accountancy are available in multiple languages, including English, Hindi