2016 - JAMB Accounting Past Questions & Answers - page 4

31
I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank


From the informaation above, sources of income for a Not-for-profit-making organization include
A
I,III,IV
B
I,II,III
C
I,II,IV
D
I and IV
CORRECT OPTION: b
32
Clifford pays rent of #200 per month for premises He paid #2,800 within the year. Computer the prepayment.
A
#300
B
#400
C
#600
D
#200
CORRECT OPTION: b
33
Purchases can be ascertained through the preparation of a
A
stock account
B
sales account
C
total debtors control account
D
total creditors control account
CORRECT OPTION: d
34
When stock is withdrawn for personal use, the accounting entries is to debit
A
stock account credit drawings
B
drawing account, credit stock account
C
personal account credit cash account
D
cash account, credit personal account
CORRECT OPTION: b
35
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.
A
#744,800
B
#760,000
C
#784,000
D
#744,000
CORRECT OPTION: d
36
Which of the following is accounted for in receipts and payments account?
A
Accrued expenses on annual dances
B
Subscriptions due but not yet received
C
interest on bank deposit
D
Depreciation of the club house
CORRECT OPTION: c
37
When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of
A
capital reserve
B
revenue reserve
C
net income
D
net loss
CORRECT OPTION: a
38
An increase in government expenditure within a year is taken care of by means of
A
virement
B
financial regulations
C
supplementary estimate
D
warrant
CORRECT OPTION: b
39
A business organization prepares departmental account in order to
A
asertian the contribution of each department to the organization
B
ascertain interdepartmental transfer
C
build other branches
D
know the number of departments in the organization
CORRECT OPTION: a
40
The objective of departmental account is to
A
ascertain the amount of profits or losses for the enterprise
B
ascertain the amount of profits or losses for each department
C
ascertain the cost of running the organization
D
offset the loss of each department
CORRECT OPTION: b
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