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

Question 61:

• JAMB 2012

The excess revenue over expenditure is charged to

A. Profit and loss
B. Revenue account
C. Accumulated fund
D. Income and expenditure acccount

Question 62:

• JAMB 2013

Which of the following is accounted for in receipts and payment account

A. Subscriptions recieved in advance
B. Subscriptions due not yet recieved
C. Accrued expenses on annual dances
D. Depreciation of the club house

Question 63:

• JAMB 2014

Subscription in arrears is treated in the balance sheet of a club as

A. Current asset
B. Current liability
C. Fixed asset
D. Intangible asset

Question 64:

• JAMB 2014

Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
Determine the amount of subscription for the year

A. #57,470
B. #41,070
C. #40,210
D. #35,300

Question 65:

• JAMB 2014

Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
What is the amount of subscription to be shown as liability in the balance sheet as at December 2009

A. #14,200
B. #16,400
C. #18,900
D. #20,500