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

Question 76:

• JAMB 2017

one of the options below is not the source of income for non- profit organization

A. Entrance fees
B. Subscription/dues
C. Odrinary shares
D. Donations

Question 77:

• JAMB 2017

Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes

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

Question 78:

• JAMB 2017

One of the options below have the same features as the profit and loss account in non-profit organization

A. Income and expenditure account
B. Profit and loss account
C. Receipts and payment account
D. Non profit account

Question 79:

• JAMB 2017

Subscription in advance is treated in the balance sheet as a

A. Current asset
B. Current liability
C. Fixed asset
D. Long term liability

Question 80:

• JAMB 2018

A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000 . The balance of the receipts and payments account is?

A. N14,000
B. N24,000
C. N8,000
D. N42,000