WorksheetsAccounts of clubs and societies
Total questions: 20
Worksheet time: 12mins
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
A club provided the following information for a year.
$
Receipts 21 600
Payments 20 000
Depreciation charged for the year 1 250
Accumulated fund at the year end 15 800
What was the accumulated fund at the start of the year?
$12 950
$14 200
$ 15 450
$16 150
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
After the preparation of the financial statements of a sports club it was found that no adjustment had been made for subscriptions received for the following financial year.
How will correcting this error affect the financial statements?
Income Expenditure - decrease income
Statement of financial position - increase current assets
Income Expenditure - decrease income
Statement of financial position - increase current liabilities
Income Expenditure - increase income
Statement of financial position - increase current assets
Income Expenditure - increase income
Statement of financial position - increase current liabilities
What will not appear in the financial statements of a club?
accumulated fund
drawings
prepaid subscriptions
surplus or of income over expenditure
A sports club provided the following information.
Subscriptions received during the year $12000
Subscriptions owing at the start of the year $ 1200
Subscriptions owing at the end of the year $ 800
What was the amount of subscriptions shown in the income and expenditure account
$11600
$12400
$12800
$13200
The statement of financial position of a posts club included the following.
subscriptions in advance $100
subscription in arrears $130
bank $790 debit
inventory of refreshments $320
amounts owing to suppliers $200
What was the total current liabilities?
$300
$330
$1090
$1240
What will be treated as capital expenditure?
the annual depreciation on office premises
the cost of building an office extension
the cost of repairing office equipment
the purchase of a new computer for resale
A sports club formed on1 September 2019.
what may appear in the receipts and payments account for the year ended 31 August 2020?
closing bank balance
closing inventory of club shop
depreciation of sports equipment
subscriptions in arrears
Which statements about capital expenditure are correct?
1 It is money spent day to day business operations
2 It is money spent on purchasing non-current assets
3 It is recorded in the statement of financial position
4 It includes expenses relating to non-current assets
1 and 3
1 and 4
2 and 3
2 and 4
Which of the following is a capital receipt?
Rent received
Installation of air-conditioning
Building funds
Bar wages
The amount of revenue expenditure is treated as revenue receipt. What is the effect of this error?
revenue expenditure increases
revenue receipt decreases
surplus decreases
surplus increases
