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

Question 31:

• JAMB 2003

Income and expenditure account is more informative than receipts and payments account because it discloses?

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

Question 32:

• JAMB 2003

Given:
..............Rich Social Club...........
Cash.........................N100,000
Loan ........................N30,000
Subscription in arrears......N5,000
Subscription in advance......N15,000
What is the accumulation fund?

A. N60,000
B. N80,000
C. N90,000
D. N110,000

Question 33:

• JAMB 2003

Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the receipts and payment account balance?

A. N260 000
B. N233 000
C. N155 000
D. N100 000

Question 34:

• JAMB 2003

Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the balance of the income and expenditure account?

A. N300 000
B. N293 000
C. N193 000
D. N133 000

Question 35:

• JAMB 2003

Receipts and payments accounts is the summary of?

A. Income and expenditure
B. Cash book
C. Balance sheet
D. Profit and loss