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MCQ - Clubs & Societies
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The following is the subscriptions account of a club.
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1 point
Subscriptions in advance at 1 January 2018 were $50.
Subscriptions in arrears at 1 January 2017 were $80.
Subscription income for the year was $3060.
Subscriptions received during the year were $3000.
Which term in club or society accounts means the same as capital?
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1 point
accumulated fund
appropriation account
balance at bank
surplus for the year
A cricket club set up a snack bar on 1 January 2019. The following information is available.
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1 point
$500
$750
$1020
$1270
A social club had the following assets and liabilities.
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1 point
$6275
$6325
$7175
$7275
Which group contains only items which may be recorded in both the income statement of a trading business and the income and expenditure account of a club?
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1 point
bank charges, depreciation, wages
bank charges, gross profit, sales revenue
deficit, sales revenue, treasurer’s expenses
depreciation, treasurer’s expenses, wages
The following ledger account appeared in the books of a club for the year ended 31 December 2020.
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1 point
Subscriptions prepaid on 1 January 2020 amounted to $2000.
Subscriptions prepaid on 31 December 2020 amounted to $3000.
Subscriptions received during the year ended 31 December 2020 amounted to $24 000.
Subscriptions relating to the year ended 31 December 2020 amounted to $29 000.
A sports club charges its members an annual fee of $100. Its subscriptions account for the year was as follows.
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1 point
Four members had paid in advance at the start of the year
120 members paid their fee during the year
Subscriptions in arrears decreased during the year
The club had 120 members during the year
Some members of a sports club had not paid their annual subscriptions at the end of the financial year.
Where will these unpaid subscriptions be shown in the financial statements?
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1 point
A
B
C
D
Which term is used to describe the surpluses which have been earned by a club over its lifetime?
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accumulated fund
capital
retained earnings
subscriptions
A sports club was formed on 1 September 2019.
What may appear in the receipts and payments account for the year ended 31 August 2020?
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1 point
closing bank balance
closing inventory of club shop
depreciation of sports equipment
subscriptions in arrears
A subscriptions account showed subscriptions in arrears, $400, at the start of the year, and subscriptions in advance, $100, at the end of the year. Subscriptions of $15000 had been received during the year.
Which value for subscriptions appeared in the income and expenditure account?
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1 point
$14500
$14700
$15300
$15500
A sports club provided the following information.
What was the total income for the year?
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1 point
$15,800
$17,300
$22,600
$31,000
A sports club purchased sports equipment.
Where will this be entered in the financial statements at the year end?
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1 point
A
B
C
D
A club was formed on 1 July 2019. During the year ended 30 June 2020 subscriptions received from members totalled $2500. This included $120 paid in advance for the next financial year. Subscriptions outstanding on 30 June 2020 amounted to $280.
How much was recorded for subscriptions in the income and expenditure account for the year ended 30 June 2020?
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1 point
$2100
$2500
$2660
$2780
Every member of a sports club is required to pay an annual subscription of $50. The subscriptions account showed the following.
What was the increase in the number of members in arrears between 1 January and 31 December 2020?
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1 point
2 members
6 members
8 members
17 members
A sports club has 100 members and the annual subscription is $60. During the year ended 31 August 2021: 12 members paid their outstanding subscription from the previous financial year 10 members paid their subscription in advance for the following financial year. On 31 August 2021, subscriptions for the current financial year were still outstanding from 8 members.
What was the total amount received from members during the year ended 31 August 2021?
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1 point
$5160
$5640
$6600
$6840
A sports club was formed on 1 August 2020. During the year ended 31 July 2021 the club purchased equipment costing $5000, paying by cheque.
In which of the club’s financial statements did this appear?
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1 point
A
B
C
D
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