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

Accounts - Principles of Accounts
JAMB 2016

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

From the information 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
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Correct Answer: Option B
Explanation

Nonprofits can and do use the following sources of income to help them fulfill their missions:

  • Fees for goods and/or services.
  • Individual donations and major gifts.
  • Bequests.
  • Corporate contributions.
  • Foundation grants.
  • Government grants and contracts.
  • Interest from investments.
  • Loans/program-related investments (PRIs)
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts