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JAMB Accounts (Principles of Accounts) questions: Accounts of not-for-profit organisations

15 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 1· Accounts of not-for-profit organisations· JAMB

    A club received subscriptions of ₦150,000 during the year, including ₦10,000 for next year; ₦5,000 is still owing for this year. Find the subscription income for the year.

    Explanation and discussion

  2. Question 2· Accounts of not-for-profit organisations· JAMB

    Entrance fees received by a club are commonly

    Explanation and discussion

  3. Question 3· Accounts of not-for-profit organisations· JAMB

    Subscriptions in arrears at the end of the year are shown in a club's balance sheet as

    Explanation and discussion

  4. Question 4· Accounts of not-for-profit organisations· JAMB

    A club's income and expenditure account is prepared on the

    Explanation and discussion

  5. Question 5· Accounts of not-for-profit organisations· JAMB

    A club's opening accumulated fund is found from

    Explanation and discussion

  6. Question 6· Accounts of not-for-profit organisations· JAMB

    Subscriptions received in advance are shown as

    Explanation and discussion

  7. Question 7· Accounts of not-for-profit organisations· JAMB

    Subscriptions received during the year ₦90,000 include ₦6,000 for next year; ₦4,000 is owed for this year. Subscription income for the year is

    Explanation and discussion

  8. Question 8· Accounts of not-for-profit organisations· JAMB

    Donations received for a specific building project are best treated as

    Explanation and discussion

  9. Question 9· Accounts of not-for-profit organisations· JAMB

    A club prepares a bar trading account to

    Explanation and discussion

  10. Question 10· Accounts of not-for-profit organisations· JAMB

    A club received subscriptions of ₦120,000 during the year, including ₦8,000 paid in advance for next year and ₦5,000 arrears for last year. Subscriptions of ₦6,000 for this year are still owing. The subscription income for the year is

    Explanation and discussion

  11. Question 11· Accounts of not-for-profit organisations· JAMB

    In a club's accounts, the excess of income over expenditure is called

    Explanation and discussion

  12. Question 12· Accounts of not-for-profit organisations· JAMB

    Subscriptions received in advance at the year end are shown as

    Explanation and discussion

  13. Question 13· Accounts of not-for-profit organisations· JAMB

    The account of a club that summarises cash received and paid is the

    Explanation and discussion

  14. Question 14· Accounts of not-for-profit organisations· JAMB

    A deficit in a club's income and expenditure account means that

    Explanation and discussion

  15. Question 15· Accounts of not-for-profit organisations· JAMB

    In a club's balance sheet, the equivalent of capital is the

    Explanation and discussion

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