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

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All JAMB WAEC

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· 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
Question 3· Accounts of not-for-profit organisations· WAEC
Subscriptions owing by members at the end of the year are treated as
Explanation and discussion
Question 4· 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 5· Accounts of not-for-profit organisations· WAEC
The receipts and payments account of a club is a summary of
Explanation and discussion
Question 6· Accounts of not-for-profit organisations· JAMB
Entrance fees received by a club are commonly
Explanation and discussion
Question 7· 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 8· 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
Question 9· Accounts of not-for-profit organisations· JAMB
A club's income and expenditure account is prepared on the
Explanation and discussion
Question 10· Accounts of not-for-profit organisations· WAEC
In a club, the accumulated fund is equivalent to a business's
Explanation and discussion
Question 11· Accounts of not-for-profit organisations· JAMB
A club's opening accumulated fund is found from
Explanation and discussion
Question 12· Accounts of not-for-profit organisations· WAEC
The income and expenditure account of a club corresponds to a business's
Explanation and discussion
Question 13· Accounts of not-for-profit organisations· JAMB
Subscriptions received in advance are shown as
Explanation and discussion
Question 14· 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
Question 15· Accounts of not-for-profit organisations· WAEC
The capital of a club is called the
Explanation and discussion
Question 16· 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 17· Accounts of not-for-profit organisations· JAMB
Donations received for a specific building project are best treated as
Explanation and discussion
Question 18· Accounts of not-for-profit organisations· WAEC
The receipts and payments account is a summary of
Explanation and discussion
Question 19· Accounts of not-for-profit organisations· JAMB
A club prepares a bar trading account to
Explanation and discussion
Question 20· 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

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

Life membership fees are usually

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.

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

Entrance fees received by a club are commonly

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?

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

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

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

A club's opening accumulated fund is found from

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

Subscriptions received in advance are shown as

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

The capital of a club is called the

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

Donations received for a specific building project are best treated as

The receipts and payments account is a summary of

A club prepares a bar trading account to

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