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
Q2: An income and expenditure account is:
A) A
Q3: Which of the following is typically treated
Q4: Which of the following is correct?
A) Subscriptions
Q5: The Culture Club has an accounting year
Q6: A club's membership fees account shows a
Q8: Calculate the subscription income for the North
Q9: Calculate the subscription income for the South
Q10:
A social club has 200 members;
Q11: A debit balance on an income and
Q12: How is the gift of a computer
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