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

Question 16:

• JAMB 2005

The not-for-profit-making organizations generate their income mainly from?

A. Bar sales
B. Subcriptions
C. Rents
D. Pools

Question 17:

• JAMB 2005

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

A. Debit side of its profit and loss account
B. Credit side of its profit and loss account
C. Debit side of its income and expenditure account
D. Credit side of its income and expenditure account

Question 18:

• JAMB 2006

Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?

A. N200 000
B. N235 000
C. N185 000
D. N225 000

Question 19:

• JAMB 2007

Given:
Calculate the surplus income.

A. N45 000
B. N44 000
C. N30 000
D. N14 000

Question 20:

• JAMB 2008

Given:
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?

A. N3500
B. N7000
C. N9500
D. N13 500