Which of the following statements is correct about the membership fees account?

Question $17$Select one:

a$.$

The adjusting entries for the previous financial year should always be reversed before the accounting entries for the current year can be included.

b$.$

Membership fees account is used to calculate the profit in the accounting records of a society or club.

c$.$

Membership fees account is used to calculate the loss in the accounting records of a society or club

d$.$

The adjusting entries for the previous financial year should never be reversed before the accounting entries for the current year can be included.