The difference between the balance sheet of a club and business concern.
No capital
No liability
No asset
No guarantee
Receipts and payments account is the summary of:
Cash book
Petty cash book
Ledger
Journal
Out of these, which one is prepared by a trader at the end of the financial year?
Depreciation account
Profit & loss account
Receipts & payments account
Which of these item is NOT included in the receipt and payments account?
Capital item
Revenue
Subscription
Non-monetary
The main source of income of a society is:
Rent
Service
Subscriptions
Trading
Clubs and societies are:
Non-trading organisation
Trading organisation
Company
Partnership
The members pay an amount for the facilities provided by the society. This is known as:
Entrance fees
Donations
Legacy
Which account is prepared by each club and society at the end of the financial year for their trading activities?
Receipts & payments
Income & expenditure
Profit & loss
A person usually responsible for collecting and paying money on the behalf of society is known as:
President
Secretary
Treasurer
Vice President
Receipts and payments account is a:
Real account
Personal account
Nominal account
Bank account
