Receipts and payments 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 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 1998

The limitations of the receipts and payments account arise mainly because of the reliance on?

A. Cash movement as evidence of transaction
B. The acconuting officer to report
C. The capital account of the organization
D. The transaction papers as evidence of transaction

Question 5:

• JAMB 1999

Receipt and payments account of a non-profit making organization is principally a summary of the?

A. Bak entries
B. Cash bok entries
C. Expenditure entries
D. Balance sheet entries