Jamb Accounting Past Questions For Year 2004
Question 31
In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?
- A. current assets
- B. current liability
- C. capital
- D. reserve
Question 32
Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?
- A. deflicit
- B. surplus
- C. gain
- D. loss
Question 33
In the balance sheet, the subscription in arrears will be?
- A. N200
- B. N300
- C. N1,200
- D. N1,300
Question 34
Use the information below to answer questions 28 and 29.
On January 1,2000, a club's assets and liabilities were as follows:
Club house...................N8,000
Subscription.................N300
Cash.........................N1,000
Wages owed...................N100
The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.
The accumulated fund is?
- A. N9,400
- B. N9,300
- C. N9,200
- D. N9,100
Question 35
The market value of goods produced is?
- A. N30,500
- B. N30,600
- C. N31,600
- D. N31,620
