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Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Questions

Question 816:

The major festure of not-for-profit-making-organization is that they are formed?

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A To use accumulated fund to described the net amount owed to members
B Mainly to improve the welfare of her member
C To engaged in trading activities to sponsor its activities
D In order to compute the receipts and payment account

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Question 817:

The subscription paid in advance is treated in the balance sheet of a club as?

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A A surplus
B A liability
C A deflicit
D An asset

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Question 818:

The capital of not-for-profit-making organization is referred to as?

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A Entity fund
B Capital owned
C Accumulated fund
D Capital employed

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Question 819:

The major objective of departmental accounts is to ascertain the?

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A Contribution of each department to profit
B Materials sold in each department
C Insurance premium payable on employees
D Number of employees in each department

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Question 820:

The transactions relating to liquidation in partnership account is drawn by using?

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A Current account
B Cash account
C Capital account
D Realization account

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