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

Question 6:

• JAMB 1997

Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is

A. N 15 050
B. N 14 550
C. N14 300
D. N 13 400

Question 7:

• JAMB 1997

Accumulated fund on 1st January 1993 is

A. N 8 570
B. N8 470
C. N 850
D. N7 520

Question 8:

• JAMB 1998

Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?

A. Cash receipts journal
B. Sales journal
C. General journal
D. Cash disbursement journal.

Question 9:

• JAMB 1998

The limitations of the receipts and payments account arise mainly because of the reliance on?

A. Cash movement as evidence of transaction
B. The acconuting officer to report
C. The capital account of the organization
D. The transaction papers as evidence of transaction

Question 10:

• JAMB 1998

The trading account is to a sole trader what income and expenditure account is to a?

A. Partnership
B. Public limited organization
C. Manufacturing organization
D. Non-profit making organization