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

Question 36:

• JAMB 2004

Use the information below to answer questions 28 and 29.
On January 1,2000, a club's assets and liabilities were as follows:
Club house...................N8,000
Subscription.................N300
Cash.........................N1,000
Wages owed...................N100
The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.
The accumulated fund is?

A. N9,400
B. N9,300
C. N9,200
D. N9,100

Question 37:

• JAMB 2004

In the balance sheet, the subscription in arrears will be?

A. N200
B. N300
C. N1,200
D. N1,300

Question 38:

• JAMB 2004

Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?

A. Deflicit
B. Surplus
C. Gain
D. Loss

Question 39:

• JAMB 2004

In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?

A. Current assets
B. Current liability
C. Capital
D. Reserve

Question 40:

• JAMB 2005

The not-for-profit-making organizations generate their income mainly from?

A. Bar sales
B. Subcriptions
C. Rents
D. Pools