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Home Questions U7X5ED5NWW
Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

Match the following-

List 1

List 2            

1) Subscription at the end of the year

a) Deducted

2) Subscription at the beginning of the year 

b) Added   

3) Advance Insurance

c) Liabilities side

4) O/s salary

d) Assets side

 

Options:

1) d, 2) c, 3) b, 4) a

1) b, 2) a, 3) d, 4) c

1) b, 2) a, 3) c, 4) d

1) d, 2) c, 3) a , 4) b

Correct Answer:

1) b, 2) a, 3) d, 4) c

Explanation:

* Subscription at the end of the year is added to the subscription received during the year because it is related to the current year.


* Subscription at the beginning of the year is deducted from the subscription received during the year because it is related to the previous year.


* Advance insurance is a prepaid expenses which is a asset.


* Outstanding salary is not paid by the organisation but it has to be paid so it is a liability.

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