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

Question 81:

• JAMB 2018

subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.


The N6,000 subscription received is?

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

Question 82:

• JAMB 2018

subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.


what is the subscription to be charged to income and expenditure account?

A. N20,000
B. N30,000
C. N34,000
D. N36,000

Question 83:

• JAMB 2018

The accumulated fund of a non-trading concern can equally be referred to as?

A. Members equity
B. Share capital
C. General fund
D. Surplus fund

Question 84:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

Calculate the subscriptions in the Income and expenditure account

A. 8400
B. 7400
C. 6400
D. 7200

Question 85:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

The figure ₦1000 represent what in the balance sheet.

A. Assets
B. Liability
C. Capital
D. Subscription