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JAMB and WAEC Accounts (Principles of Accounts) questions

609 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 41· Accounts of not-for-profit organisations· JAMB

    Entrance fees received by a club are commonly

    Explanation and discussion

  2. Question 42· 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

  3. Question 43· 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 44· Accounts of not-for-profit organisations· JAMB

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

    Explanation and discussion

  5. Question 45· Accounts of not-for-profit organisations· WAEC

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

    Explanation and discussion

  6. Question 46· Accounts of not-for-profit organisations· JAMB

    A club's opening accumulated fund is found from

    Explanation and discussion

  7. Question 47· Accounts of not-for-profit organisations· WAEC

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

    Explanation and discussion

  8. Question 48· Accounts of not-for-profit organisations· JAMB

    Subscriptions received in advance are shown as

    Explanation and discussion

  9. Question 49· 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

  10. Question 50· Accounts of not-for-profit organisations· WAEC

    The capital of a club is called the

    Explanation and discussion

  11. Question 51· 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

  12. Question 52· Accounts of not-for-profit organisations· JAMB

    Donations received for a specific building project are best treated as

    Explanation and discussion

  13. Question 53· Accounts of not-for-profit organisations· WAEC

    The receipts and payments account is a summary of

    Explanation and discussion

  14. Question 54· Accounts of not-for-profit organisations· JAMB

    A club prepares a bar trading account to

    Explanation and discussion

  15. Question 55· 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

  16. Question 56· 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

  17. Question 57· Accounts of not-for-profit organisations· JAMB

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

    Explanation and discussion

  18. Question 58· Accounts of not-for-profit organisations· WAEC

    A receipts and payments account is

    Explanation and discussion

  19. Question 59· Accounts of not-for-profit organisations· JAMB

    Subscriptions received in advance at the year end are shown as

    Explanation and discussion

  20. Question 60· Accounts of not-for-profit organisations· JAMB

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

    Explanation and discussion

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