Income and expenditure account - 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 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 3:

• 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

Question 4:

• JAMB 1997

Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is

A. N 15 050
B. N 14 550
C. N14 300
D. N 13 400

Question 5:

• JAMB 1997

Accumulated fund on 1st January 1993 is

A. N 8 570
B. N8 470
C. N 850
D. N7 520