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

Question 46:

• JAMB 2006

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be

A. N200 000
B. N240 000
C. N300 000
D. N24 000

Question 47:

• JAMB 2007

Use the information below to answer questions.
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?

A. N11 410
B. N13 630
C. N9 310
D. N11 530

Question 48:

• JAMB 2007

the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?

A. A cash acount
B. A balance sheet
C. An income account
D. An expenses account

Question 49:

• JAMB 2007

The amount of subscriptions accrued is reported in the balance sheet under?

A. Fixed asset
B. Long-term liability
C. Current asset
D. Current liability

Question 50:

• JAMB 2007

Given:
Calculate the surplus income.

A. N45 000
B. N44 000
C. N30 000
D. N14 000