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

Question 71:

• JAMB 2016

Turaki Youth Club Income and Expenditure for the year ended 31/12/04
# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

A. #10,500
B. #13,500
C. #13,890
D. #9,500

Question 72:

• JAMB 2016

The income and expenditure account differs from receipts and payments account because it

A. Accounts for notional charges
B. Records transactions that relate to the period on cash basis
C. Records transactions that relate to the period on accrual basis
D. Accounts for balance of cash at bank

Question 73:

• JAMB 2016

I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank

From the information above, sources of income for a Not-for-profit-making organization include

A. I,III,IV
B. I,II,III
C. I,II,IV
D. I and IV

Question 74:

• JAMB 2016

Which of the following is accounted for in receipts and payments account?

A. Accrued expenses on annual dances
B. Subscriptions due but not yet received
C. Interest on bank deposit
D. Depreciation of the club house

Question 75:

• JAMB 2017

Capital for a profit making organization is generated through

A. Subscription
B. Shares
C. Donation
D. Gift