Clubs & Societies

What is the main purpose of clubs & societies?

• Not trading or profit making

• For Trading or profit making

• Trading or not profit making

• Not trading or not profit making

What is the equation for profit making firm?

• Assets = Capital + Liabilities

• Assets = Accumulated Funds + Liabilities

• Assets = Accumulated Funds + Liabilities

• Assets = Capital + Accumulated Funds

Who would have a capital account?

• Corporation

• Partnership

• Cooperative

• Sole Trader

What kind of final accounts are prepared by these organisations?

• Income or Payments account

• Receipts & Payments account

• Receipts & Expenditure account

• Income or Expenditure account

It is in effect the same as the ??????? account:

What is Clubs and Societies?

Answer explanation

Clubs and society is a non-trading organisation which is formed to provide facilities and services for; members.

What is Accumulated Fund?

Answer explanation

An Accumulated Fund holds excess money received by a non-profit organisation (NPO).