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

Question 11:

• JAMB 1998

A non-profit-making organization differs from a profit-making one in that?

A. It does not earn income
B. Proceeds from sale of shares form part of its income
C. All its income is committed
D. Annual subscriptions and levies form part of its income

Question 12:

• JAMB 1998

When forming a partnership, new partners should record non-monetary assets on the new partnership's books at?

A. Their current fair market values
B. Their historical costs when first use
C. Their historical costs when first purchase by each new partner
D. The highest values practical so that future income tax deductions are maximized

Question 13:

• JAMB 1999

Receipt and payments account of a non-profit making organization is principally a summary of the?

A. Bak entries
B. Cash bok entries
C. Expenditure entries
D. Balance sheet entries

Question 14:

• JAMB 1999

Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?

A. N6,150
B. N4,850
C. N4,650
D. N1,300

Question 15:

• JAMB 1999

A credit balance on a receipt and payments account indicates that the non-profit making organization?

A. Had more revenues than expenses during the period
B. Did not owe much liabilities during the period
C. Received more cash than it paid out during the period
D. Made more cash payments than it received during the period