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

Question 56:

• JAMB 2010

The equivalent of a club's receipts and payment account is the?

A. Trading account
B. Revenue account
C. Cash account
D. Suspense account

Question 57:

• JAMB 2010

The summary of receipts and payments account represent?

A. Cash at hand
B. Journal proper
C. General journal
D. Ledger accounts

Question 58:

• 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

Question 59:

• JAMB 2011

The major festure of not-for-profit-making-organization is that they are formed?

A. To use accumulated fund to described the net amount owed to members
B. Mainly to improve the welfare of her member
C. To engaged in trading activities to sponsor its activities
D. In order to compute the receipts and payment account

Question 60:

• JAMB 2011

The subscription paid in advance is treated in the balance sheet of a club as?

A. A surplus
B. A liability
C. A deflicit
D. An asset