Income and expenditure account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• 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

Question 7:

• JAMB 2000

Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?

A. N48,000
B. N59,000
C. N60,000
D. N69,000

Question 8:

• JAMB 2001

Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000
What is the subscription to be charged to income and expenditure account?

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

Question 9:

• JAMB 2001

Given:
Club trading profit N12,000
Members'' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club''s excess of income over expenditure?

A. N500
B. N1,500
C. N2,000
D. N2,500

Question 10:

• JAMB 2001

The excess of income over expenditure is usually transferred to the?

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