Clubs and Societies Quiz

What is the purpose of clubs and societies?

• To make profits

• To promote cultural, social or recreational interests

• To operate like commercial businesses

• To provide financial support to members

What is a receipts and payments account prepared on?

• Accrual basis

• Cash basis

• Profit basis

• Revenue basis

What is known as a surplus in non-profit organizations?

• Excess of income over expenditure

• Excess of expenditure over income

• Total revenue

• Total expenses

What is the annual subscription receivable formula?

• Number of members x subscription per member

• Total income - total expenses

• Total assets - total liabilities

• Total subscriptions received - total subscriptions written off

What type of income is a life subscription membership treated as?

• Revenue income

• Capital income

• Deferred income

• Accrued income

What is the treatment of donations for specific purposes?

• Capital income

• Revenue income

• Deferred income

• Accrued income

What is the accumulated fund formula?

• Assets - Liabilities

• Total income - total expenses

• Total revenue - total costs

• Total assets + total liabilities