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

Question 26:

• JAMB 2002

(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?

A. I, ii, iii and iv
B. I, ii, and iii
C. Ii, and iii
D. I and ii

Question 27:

• JAMB 2002

The working capital of the club is

A. N5000
B. N4000
C. N3000
D. N7000

Question 28:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?

A. N4500
B. N6000
C. N4000
D. N5000

Question 29:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure

A. N12000
B. N15000
C. N10000
D. N14500

Question 30:

• JAMB 2002

Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?

A. N11500
B. N12000
C. N13000
D. N13500