Question
Really urgent please and correct answers only In a not-for-profit organisation, the accumulated fund is Along-term liabilities plus current liabilities plus current assets Bfixed assets
Really urgent please and correct answers only
In a not-for-profit organisation, the accumulated fund is
Along-term liabilities plus current liabilities plus current assets
Bfixed assets less current liabilities less long-term liabilities
Cthe balance on the general reserve account
Dfixed assets plus net current assets less long-term liabilities
(2 marks)
9.2An income and expenditure account is
Aa summary of the cash and bank transactions for a period
Banother name for a receipts and payments account
Csimilar to a profit and loss account in reflecting revenue earned and expenses Dincurred during a period
(2 marks)
9.3 A club received subscriptions during 2005 totalling 25,000. Of these, 1,600 related to 2004 and 800 related to 2006. There were subscriptions in arrears at the end of 2005 of 500. The subscriptions to be included in the income and expenditure account for 2005 amount to
(2 marks)
9.4Life membership fees payable to a club are usually dealt with by
Acrediting the total received to a life membership fees account and transferring a proportion each year to the income and expenditure account
Bcrediting the total received to the income and expenditure account in the year in which these fees are received
Cdebiting the total received to a life membership fees account and transferring a proportion each year to the income and expenditure account
Ddebiting the total received to the income and expenditure account in the year in which these fees are received
(2 marks)
9.5A receipts and payments account is similar to
Aan income and expenditure account
Ba profit and loss account
Ca trading account
Da cash book summary
(2 marks)
9.6 The subscriptions receivable account of a club commenced the year with subscriptions in arrears of 250 and subscriptions in advance of 375. During the year, 62,250 was received in subscriptions, including all of the arrears and 600 for next year's subscriptions. The amount to be taken to the income and expenditure account for the year is
(2 marks)
9.7 The difference between a profit and loss account (which may also be referred to as an income statement) and an income and expenditure account is that
Aan income and expenditure account is an international term for a profit and loss account
Ba profit and loss account is prepared for a business and an income and expenditure account is prepared for a non-profit-making organisation
Ca profit and loss account is prepared on an accruals basis and an income and expenditure account is prepared on a cash-flow basis
Da profit and loss account is prepared for a manufacturing business and an income and expenditure account is prepared for a non-manufacturing business
(2 marks)
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