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

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

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Question 1· Accounts of not-for-profit organisations· WAEC
Life membership fees are usually
Explanation and discussion
Question 2· Accounts of not-for-profit organisations· WAEC
Subscriptions owing by members at the end of the year are treated as
Explanation and discussion
Question 3· Accounts of not-for-profit organisations· WAEC
Profit from a club's bar is usually shown in the income and expenditure account as
Explanation and discussion
Question 4· Accounts of not-for-profit organisations· WAEC
The receipts and payments account of a club is a summary of
Explanation and discussion
Question 5· Accounts of not-for-profit organisations· WAEC
A club has 100 members paying ₦2,000 each for the year; 5 members have not paid by the year end. How much subscription income is credited to the income and expenditure account?
Explanation and discussion
Question 6· Accounts of not-for-profit organisations· WAEC
In a club, the accumulated fund is equivalent to a business's
Explanation and discussion
Question 7· Accounts of not-for-profit organisations· WAEC
The income and expenditure account of a club corresponds to a business's
Explanation and discussion
Question 8· Accounts of not-for-profit organisations· WAEC
The capital of a club is called the
Explanation and discussion
Question 9· Accounts of not-for-profit organisations· WAEC
Subscriptions received in advance for next year are shown in the club's balance sheet as
Explanation and discussion
Question 10· Accounts of not-for-profit organisations· WAEC
The receipts and payments account is a summary of
Explanation and discussion
Question 11· Accounts of not-for-profit organisations· WAEC
A club has 80 members paying ₦1,500 each. 5 members owe subscriptions at the year end. Subscriptions income for the year is
Explanation and discussion
Question 12· Accounts of not-for-profit organisations· WAEC
A receipts and payments account is
Explanation and discussion
Question 13· Accounts of not-for-profit organisations· WAEC
The excess of income over expenditure in a club is called a
Explanation and discussion
Question 14· Accounts of not-for-profit organisations· WAEC
A club's income and expenditure account shows expenditure greater than income. The difference is a
Explanation and discussion

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

Life membership fees are usually

Subscriptions owing by members at the end of the year are treated as

Profit from a club's bar is usually shown in the income and expenditure account as

The receipts and payments account of a club is a summary of

A club has 100 members paying ₦2,000 each for the year; 5 members have not paid by the year end. How much subscription income is credited to the income and expenditure account?

In a club, the accumulated fund is equivalent to a business's

The income and expenditure account of a club corresponds to a business's

The capital of a club is called the

Subscriptions received in advance for next year are shown in the club's balance sheet as

The receipts and payments account is a summary of

A club has 80 members paying ₦1,500 each. 5 members owe subscriptions at the year end. Subscriptions income for the year is

A receipts and payments account is

The excess of income over expenditure in a club is called a

A club's income and expenditure account shows expenditure greater than income. The difference is a