Chapter 18 Accounts of clubs and societies

Front

Income and expenditure account is prepared in order to ascertain

Back

Surplus or deficit

Front

The Receipts and payments account contains

Back

All receipts and payments

Front

Receipts and Payments Account contains ............items

Back

Both revenue and capital

Front

Main source of income for non-profit organisation is: Rent, Salaries, Donations and subscriptions, Sale of assets

Back

Donations and subscriptions

Front

Which of the following should not be recorded in the income and expenditure account?
Sale of old newspapers,
Loss on sale of assets,
Honorarium paid to the secretary,
Sale proceeds of furniture

Back

Sale proceeds of furniture

Front

Donations received for a specific purpose is

Back

Capital receipt

Front

How much will be shown for rent in the club’s receipts and payments account for the year ended 31 December 2001? The club rents a theater at an annual rent of $3600. On 1 January 2001 rent accrued amounted to $300. During 2001 a total of $4500 rent was paid.

Back

$4 500

Front

A cricket club has 60 members and an annual subscription is $10. Subscriptions received during the year were $580, which included opening arrears of $20. What was the balance on the subscriptions account at the end of the year?

Back

$40 debit

Front

Where will the subscriptions received for the following year appear in the statement of financial position?

Back

current liability

Front

Which will appear in a receipts and payments account? Options: depreciation of fixed assets, opening bank balance, refreshment stocks, subscriptions outstanding at year end.

Back

opening bank balance