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

Question 16:

• JAMB 2000

Which of the following items does not feature in the balance sheet of a club?

A. Arrears of current year's subscription
B. Salary arrears paid in the current year
C. Rental income received in advance
D. Advances subscription in respect of a coming year

Question 17:

• JAMB 2000

Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees' allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800
The club's balance is?

A. N39,180
B. N34,830
C. N34,380
D. N31,980

Question 18:

• JAMB 2000

The accumulation 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 19:

• 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 20:

• 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