Accounts of Not-For-Profit-Making Organizations - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1994

The major difference between the receipt and payment account and the income and expenditure account is that while the former

A. Is kept by the treasurer, the latter is not
B. Deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
C. Is a T-account, the latter is not
D. Is not in the ledger, the latter is

Question 3:

• JAMB 1994

The net profit from a trading account of a non-profit making organization would be treated as income in the

A. Income and expenditure account
B. Receipt and payment account
C. Balance sheet
D. Statement of affairs

Question 4:

• JAMB 1995

A charitable club has the following figures:
N
Subscriptions received in 1991 2 800
Subscriptions unpaid in 1990 300
Subscriptions paid for 1992 150
Subscriptions due 1991 180
How much should be charged to the income and expenditure of this club as subscription for 1991?

A. N 2 530
B. N 2 680
C. N 2 830
D. N 2 980

Question 5:

• JAMB 1997

An income and expenditure account is a summary of

A. All income and expenditure during a period
B. Revenue income and expenditure during a period
C. Receipts and payments during a period
D. The trading income a period