POA Clubs and Societies

What is similar to accumulated fund account?

• Cash account

• Clubs account

• Capital account

• Cash book

When revenue expenditure is more than revenue receipts, it is called _________

• deficit

• losses

• profits

• surplus

Which of the following is capital receipts?

• Purchase of machinery

• Building funds

• Subscriptions

• Rent paid

What does balance c/d on the debit side of subscription account represents?

• Bank

• Income and Expenditure

• Accrued

• Prepaid

The Receipts and payments account contains

• Capital receipts and payments only

• Revenue receipts and payments only

• Petty receipts and payments only

• All receipts and payments

At the end of the financial year, a club has its outstanding subscription.

Where will this item appear in the statement of financial position?

• Current asset

• Current liability

• Non current asset

• Non current liability

Which statement about a receipts and payments account is incorrect?

• it includes amounts prepaid at the end of the year

• it shows surplus for the year

• non-monetary items are excluded

• the balance represents cash and bank balance

Hill tennis club received $32 000 in subscriptions during the year. At the year end subscriptions of $350 were owed by members and $450 had been paid in advance for the next year.

How much was transferred to the income and expenditure account for subscriptions?

• $31 200

• $31 900

• $32 100

• $32 800

Leroy has an engineering business. On 31 May he received an invoice from AB Machines showing the following:

cost of replacement parts for machine

cost of repairs to machine

cost of machine

cost of installation of machine

Which costs are capital expenditure in Leroy's books?

• machine, installation

• machine only

• replacement parts, machine

• replacement parts, repairs, installation

A club's financial year ends on 31 July. During the year ended 31 July 2018 the following subscriptions were received.

subscriptions for the year ended 31 July 2017 $50

subscriptions for the year ended 31 July 2018 $3400

subscriptions for the year ended 31 July 2019 $20

How much would be included in the receipts and payments account for the year ended 31 July 2018

• $3400

• $3420

• $3450

• $3470