Club and societies

What is the name of the account shown above?

• Income and expenditure account

• Subscription account

• Receipts and payment account

• Shop trading account

Choose the characteristic of a receipts and payment account

• balance shows amount of money available

  May have opening/closing balances

• Record purchase or sale of non-current

  Assets.

• Records revenue and not capital

  Expenditure/income.

• similar to a cash book

• Includes depreciation of non-current assets

What is term used for the loss for the year in non profit making organisations?

• accumulated fund

• surplus

• deficit

• income and expenditure account

Identify the characteristics of income and expenditure account.

• Makes no distinction between capital and

  revenue income/expenditure

• similar to income statement

• summary of incomes and expenditure incurred prepared on accrual basis

• balance shows a surplus or deficit

• balance shows amount of money available

  May have opening/closing balances

Identify the account shown in the picture.

• Receipts and payment

• Income and expenditure

• subscription

• cafe' trading account

Identify the account shown in the picture.

• Receipts and payment.

• Income and expenditure

• subscription

• cafe' trading account