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Question 4 The Premier Golf club is a sporting club that charges membership fees. An upfront membership fee of $500 is payable on joining the

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Question 4 The Premier Golf club is a sporting club that charges membership fees. An upfront membership fee of $500 is payable on joining the club and it is not refundable. Required By referring to the DEFINITION and RECOGNITION criteria of Income outlined in the Conceptual framework, please advise the Financial Controller of Premier Golf Club whether it should recognise the upfront membership fee as income at time of receipt? Justify your

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