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

Question 21:

• JAMB 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

A. Deducted from the capital
B. Added to the accumulated fund
C. Added to the capital
D. Deducted from the the accumulated fund

Question 22:

• JAMB 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

A. Deducted from the capital
B. Added to the accumulated fund
C. Added to the capital
D. Deducted from the the accumulated fund

Question 23:

• JAMB 2012

The excess revenue over expenditure is charged to

A. Profit and loss
B. Revenue account
C. Accumulated fund
D. Income and expenditure acccount

Question 24:

• JAMB 2015

The income and expenditure account of a club is the same as

A. Single entry account
B. A profit and loss account
C. A trading account
D. A cash book

Question 25:

• JAMB 2015

The loss made by a non profit making organization is called

A. Deficit
B. Surplus
C. Discount
D. Shortage