Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 816:

• 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 817:

• 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

Question 818:

• JAMB 2011

The capital of not-for-profit-making organization is referred to as?

A. Entity fund
B. Capital owned
C. Accumulated fund
D. Capital employed

Question 819:

• JAMB 2011

The major objective of departmental accounts is to ascertain the?

A. Contribution of each department to profit
B. Materials sold in each department
C. Insurance premium payable on employees
D. Number of employees in each department

Question 820:

• JAMB 2011

The transactions relating to liquidation in partnership account is drawn by using?

A. Current account
B. Cash account
C. Capital account
D. Realization account