SSC CGL Finance – Non-Profit Organisations: Receipts & Payments, Income & Expenditure – Exam-Level Drill
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1,20,000 − 5,000 − 4,000 + 7,000 = 1,18,000.
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SSC CGL Finance – Non-Profit Organisations: Receipts & Payments, Income & Expenditure – Exam-Level Drill – 6 questions, subject: Finance & Economics (Tier II Paper III). Every question has the correct answer with a one-line explanation; tap "Show Answer". Free practice for TNPSC, UPSC, SSC, Bank and RRB exams – Shanmugam IAS Academy, Coimbatore.
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1.
A society's subscriptions received ₹ 1,20,000 include ₹ 10,000 of the previous year and ₹ 8,000 for the next year. Outstanding at the end ₹ 15,000; advance received last year for this year ₹ 6,000. Subscription income:
Correct Answer: C [₹ 1,23,000]
Explanation:
1,20,000 − 10,000 − 8,000 + 15,000 + 6,000 = 1,23,000.
2.
A charitable dispensary: stock of medicines 1 April ₹ 15,000, 31 March ₹ 12,000; paid for medicines ₹ 82,000; creditors for medicines 1 April ₹ 5,000, 31 March ₹ 7,000. Medicines consumed:
Correct Answer: D [₹ 87,000]
Explanation:
15,000 + 82,000 + 7,000 − 5,000 − 12,000 = 87,000.
3.
Statement-basedFor a non-profit organisation:
I. A deficit is deducted from the capital fund.
II. Interest on a special-fund investment is added to that fund, not to the I&E Account.
III. The R&P Account shows outstanding expenses.
Which are correct?
I. A deficit is deducted from the capital fund.
II. Interest on a special-fund investment is added to that fund, not to the I&E Account.
III. The R&P Account shows outstanding expenses.
Which are correct?
Correct Answer: D [I and II only]
Explanation:
R&P is a cash summary – no outstanding items.
4.
Building fund ₹ 1,00,000; interest on building-fund investments ₹ 8,000; donations received for the building fund during the year ₹ 25,000; no building bought yet. The building fund shown in the Balance Sheet is:
Correct Answer: C [₹ 1,33,000]
Explanation:
1,00,000 + 8,000 + 25,000 = 1,33,000; interest and donations of a specific fund are added to the fund, not to I&E.
5.
Odd one outWhich statement about the Income and Expenditure Account is NOT correct?
Correct Answer: B [It begins with the opening cash balance]
Explanation:
Opening cash belongs to the R&P Account.
6.
Salaries paid during the year ₹ 1,20,000 include ₹ 5,000 for the previous year and ₹ 4,000 paid in advance for the next year. Salaries outstanding at the year-end ₹ 7,000. Salary expense for the year:
Correct Answer: A [₹ 1,18,000]
Explanation:
1,20,000 − 5,000 − 4,000 + 7,000 = 1,18,000.
➤ Full notes, shortcuts and every answer explained – SSC CGL 2026 Finance & Economics (Tier II Paper III) book (₹149): www.shanmugamiasacademy.in/study-materials/ssc-cgl-finance-economics
📘 SSC CGL 2026 – General Studies – Finance & Economics (Tier II Paper III)
Here you get the answer with a one-line explanation. 1,064 original questions with worked answers · Part A Finance & Accounts and Part B Economics & Governance notes · practice sets + 3 mock tests
Get the book – ₹149 More quizzes
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