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

Question 86:

• 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

What is the opening cash balance

A. ₦20,600
B. ₦8,050
C. ₦3,650
D. ₦8,500

Question 87:

• JAMB 2019

In a non-profit making organisation, the excess of Assets over liabilities equals

A. Capital
B. Capital employed
C. Capital owned
D. Accumulated funds

Question 88:

• JAMB 2019

The similarities between Receipts and payments and income and expenditure account is

A. Both accounts follows the principle of double entry
B. They are summaries of financial statements
C. Both include capital items
D. Both are prepared by non-profit making concern

Question 89:

• JAMB 2019

Given:

EquipmentMotor VehicleLoanCreditorsSub in advanceSub in arrears

₦10,00015,0004,5003,0001503500

What is the accumulated fund?

A. ₦14,150
B. ₦20,850
C. ₦21,850
D. ₦14,200

Question 90:

• JAMB 2021

The excess of income over expenditure is usually transferred to the

A. Current assets in the balance sheet
B. Profit and loss account
C. Accumulated fund
D. Current liabilities in the balance sheet