Club and Non-Profit Accounts Quiz
4 multiple-choice questions with answers and explanations · 3 easy, 1 medium
Receipts and payments accounts, income and expenditure accounts, subscriptions in arrears and in advance, and the accumulated fund.
- 1Receipts and Payments Account vs Income and Expenditure AccountHow does a receipts and payments account differ from an income and expenditure account?easy
- 2Non-Profit Organisations: What Is the Accumulated Fund?In the accounts of a club or society, the accumulated fund is:easy
- 3Non-Profit Accounts: What Is the Excess of Income over Expenditure Called?In an income and expenditure account, the excess of income over expenditure for the year is called:easy
- 4Club Accounts: Calculating Subscription Income for the YearA club received subscriptions of $12,000 in the year. Subscriptions in arrears were $600 at the start and $900 at the end; subscriptions in advance were $400 at the start and $300 at the end. What is subscription income for the year?medium