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

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· 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

  2. Question 22· Accounts of not-for-profit organisations· JAMB

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

    Explanation and discussion

  3. Question 23· Accounts of not-for-profit organisations· WAEC

    A receipts and payments account is

    Explanation and discussion

  4. Question 24· Accounts of not-for-profit organisations· JAMB

    Subscriptions received in advance at the year end are shown as

    Explanation and discussion

  5. Question 25· Accounts of not-for-profit organisations· JAMB

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

    Explanation and discussion

  6. Question 26· Accounts of not-for-profit organisations· JAMB

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

    Explanation and discussion

  7. Question 27· Accounts of not-for-profit organisations· WAEC

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

    Explanation and discussion

  8. Question 28· Accounts of not-for-profit organisations· JAMB

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

    Explanation and discussion

  9. Question 29· 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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