Multiple Choice
Which of the following is the correct treatment of life membership subscriptions paid on joining?
A) Add these to the accumulated fund of the club
B) Credit to revenue from a deferred life membership fund over a defined period in accordance with the . club's accounting policy on life membership subscriptions
C) Credit to revenue in full when received
D) Defer as an asset in the statement of financial position and amortise over the expected useful life of the member
Correct Answer:
Verified
Correct Answer:
Verified
Q6: The accumulated fund represents:<br>A) The shareholders funds
Q7: An income and expenditure account is:<br>A) A
Q8: Calculate the subscription income for the South
Q9: How is the gift of a computer
Q10: I & E a/c 200 x 50
Q11: Which of the following is correct?<br>A) Subscriptions
Q12: Which of the following is typically treated
Q13: The club had an excess of income
Q14: The Culture Club has an accounting year
Q15: A club received subscriptions during 20X2 totalling