What is the first step in preparing the receipt and payment account for STAR Sports Club?
Preparing Financial Statements for a Nonprofit Organization

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Business
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10th Grade - University
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Hard
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepare the balance sheet
Record opening cash balance
Record all payments
Calculate surplus or deficit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How should donations be recorded in the income and expenditure account?
Only in the balance sheet
Fully in the income and expenditure account
Not recorded at all
Half in the income and expenditure account and half in the balance sheet
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What adjustment is made for last year's outstanding subscriptions in the current year's income and expenditure account?
They are ignored
They are added to the current year
They are recorded as a new receipt
They are deducted from the current year
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the payment side of the income and expenditure account, how are current year's prepaid salaries treated?
They are recorded as a new payment
They are added to the current year
They are deducted from the current year
They are ignored
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the final step in preparing the financial statements for STAR Sports Club?
Recording all receipts
Calculating surplus or deficit
Recording all payments
Preparing the balance sheet
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the closing stock of sports material calculated?
By adding opening stock and material consumed
By deducting material consumed from opening stock
By multiplying opening stock by material consumed
By dividing opening stock by material consumed
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of organization mentioned in the session?
Nonprofit organization
Sole proprietorship
Joint stock company
Limited liability partnership
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