Accounting by Non-Profit Organizations (NPOs) usually revolves around which system? MCQ with Answer and Explanation

Question
Accounting by Non-Profit Organizations (NPOs) usually revolves around which system?
A. Responsibility Accounting
B. Fund Based Accounting
C. Standard Costing
D. Social Accounting
Answer: Option B
Solution (By JKSSB Mock Tests)
NPOs use fund-based accounting where resources are categorized into specific funds based on restrictions placed by donors.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Taxpayer's Charter' in India is a part of:
A. Companies Act
B. Finance Act, 2020
C. GST Act
D. Income Tax Act
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Correct Answer: Option B

Explanation:
Taxpayer's Charter was introduced as part of the Finance Act, 2020, outlining rights and obligations of taxpayers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'International Accounting Standards Board' (IASB) issues:
A. US GAAP
B. AS
C. IFRS
D. Ind AS
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Correct Answer: Option C

Explanation:
IASB is responsible for developing and issuing IFRS.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Income Tax Refund' received is:
A. Deferred revenue
B. Revenue receipt
C. Liability
D. Capital receipt
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Correct Answer: Option B

Explanation:
Income tax refund is a revenue receipt as it pertains to business profits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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