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

Question 51:

• JAMB 2008

Receipt and payment account discloses?

A. Debtors
B. Creditors
C. Prepayment
D. Depreciation

Question 52:

• JAMB 2008

Given:
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?

A. N3500
B. N7000
C. N9500
D. N13 500

Question 53:

• JAMB 2009

Receipt and payments account is a summary of the?

A. Budget
B. Trading account
C. Cash book
D. Profit and loss account

Question 54:

• JAMB 2009

Given:
Furniture and fittings..................N20,000
Equipment...............................N15,000
Bank overdrafts.........................N6, 500
Bar creditors...........................N4,800
Subscription in arrears.................N4,700
Subscription in advance.................N650
What is the accumulated fund?

A. 23,700
B. 27,750
C. 29,650
D. 51,650

Question 55:

• JAMB 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

A. Deducted from the capital
B. Added to the accumulated fund
C. Added to the capital
D. Deducted from the the accumulated fund