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

Question 26:

• JAMB 2015

Income and expenditure account is more detailed than receipts and payments account because it disclosed

A. Cash
B. Cheques
C. Debtors
D. Stocks

Question 27:

• JAMB 2016

Turaki Youth Club Income and Expenditure for the year ended 31/12/04
# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

A. #10,500
B. #13,500
C. #13,890
D. #9,500

Question 28:

• JAMB 2016

The income and expenditure account differs from receipts and payments account because it

A. Accounts for notional charges
B. Records transactions that relate to the period on cash basis
C. Records transactions that relate to the period on accrual basis
D. Accounts for balance of cash at bank

Question 29:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

Calculate the subscriptions in the Income and expenditure account

A. 8400
B. 7400
C. 6400
D. 7200