Chapter 18 Accounts of clubs and societies

Flashcard
•
Business
•
10th - 11th Grade
•
Hard
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19 questions
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1.
FLASHCARD QUESTION
Front
Income and expenditure account is prepared in order to ascertain
Back
Surplus or deficit
2.
FLASHCARD QUESTION
Front
The Receipts and payments account contains
Back
All receipts and payments
3.
FLASHCARD QUESTION
Front
Receipts and Payments Account contains ............items
Back
Both revenue and capital
4.
FLASHCARD QUESTION
Front
Main source of income for non-profit organisation is: Rent, Salaries, Donations and subscriptions, Sale of assets
Back
Donations and subscriptions
5.
FLASHCARD QUESTION
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
6.
FLASHCARD QUESTION
Front
Donations received for a specific purpose is
Back
Capital receipt
7.
FLASHCARD QUESTION
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
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