Subscription received in advance is
A) An income
B) An asset
C) Liability
D) None of the above
Correct Answer:
Verified
Q48: The Income and expenditure account begins with
A)Debit
Q49: The receipts and Payments account records receipts
Q50: A profit on the sale of furniture
Q51: Entrance fees are generally
A)Capitalised
B)Taken as income
C)Treated as
Q52: Legacy for specific purpose is :
A)Added to
Q54: Income and expenditure account reveals
A)Cash in hand
B)Surplus
Q55: Not - for - profit organisations institutions
Q56: Non-trading organization prepares
A)Income and Expenditure A/c
B)Trading and
Q57: Receipts and Payment A/c is a summary
Q58: Subscription received in advance by a club
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents