Statement of financial position (Balance sheet) - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• 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 7:

• JAMB 2011

The subscription paid in advance is treated in the balance sheet of a club as?

A. A surplus
B. A liability
C. A deflicit
D. An asset

Question 8:

• JAMB 2014

Subscription in arrears is treated in the balance sheet of a club as

A. Current asset
B. Current liability
C. Fixed asset
D. Intangible asset

Question 9:

• JAMB 2017

Subscription in advance is treated in the balance sheet as a

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

Question 10:

• JAMB 2019

In a non-profit making organisation, the excess of Assets over liabilities equals

A. Capital
B. Capital employed
C. Capital owned
D. Accumulated funds