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

Question 66:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s accumulated fund?

A. N699, 000
B. N641, 000
C. N402, 000
D. N605, 000

Question 67:

• JAMB 2015

The income and expenditure account of a club is the same as

A. Single entry account
B. A profit and loss account
C. A trading account
D. A cash book

Question 68:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities

A. N11, 700
B. N26, 700
C. N88, 000
D. N85, 000

Question 69:

• JAMB 2015

The loss made by a non profit making organization is called

A. Deficit
B. Surplus
C. Discount
D. Shortage

Question 70:

• JAMB 2015

Income and expenditure account is more detailed than receipts and payments account because it disclosed

A. Cash
B. Cheques
C. Debtors
D. Stocks