Receipts and payments account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2007

the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?

A. A cash acount
B. A balance sheet
C. An income account
D. An expenses account

Question 22:

• JAMB 2007

The amount of subscriptions accrued is reported in the balance sheet under?

A. Fixed asset
B. Long-term liability
C. Current asset
D. Current liability

Question 23:

• JAMB 2008

Receipt and payment account discloses?

A. Debtors
B. Creditors
C. Prepayment
D. Depreciation

Question 24:

• JAMB 2009

Receipt and payments account is a summary of the?

A. Budget
B. Trading account
C. Cash book
D. Profit and loss account

Question 25:

• JAMB 2009

Given:
Furniture and fittings..................N20,000
Equipment...............................N15,000
Bank overdrafts.........................N6, 500
Bar creditors...........................N4,800
Subscription in arrears.................N4,700
Subscription in advance.................N650
What is the accumulated fund?

A. 23,700
B. 27,750
C. 29,650
D. 51,650