Cambridge International A Level · Accounting (9706)

Preparation of financial statements - Clubs and societies: Practice Questions

5 multiple-choice questions marked as you go, and 3 written questions with worked solutions. All on Preparation of financial statements - Clubs and societies.

8 questions11 marksFree, no account

Question 1

1 mark

Which of the following describes the nature of the Accumulated Fund in a non-profit making organization?

Question 2

1 mark

A sports club prepares its financial statements annually. Which of the following items would be recorded in the Receipts and Payments Account but not necessarily in the Income and Expenditure Account for the same period?

Question 3

1 mark

A sports club prepares its financial statements annually. Which of the following items would be recorded as a current liability in its Statement of Financial Position?

Question 4

1 mark

How should a club or society account for a life membership scheme where members pay a large one-off fee for lifetime access?

Question 5

1 mark

A club's statement of financial position shows Subscriptions in Arrears. How should this be classified?

Question 6

2 marks

Define the term accumulated fund as it applies to the financial statements of a club or society.

Write your answer out first, then check it against the worked solution.

Question 7

2 marks

A club received a specific donation for the purchase of a new equipment item. Explain how this donation should be presented in the Statement of Financial Position.

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Question 8

2 marks

State the difference between the Receipts and Payments Account and the Income and Expenditure Account regarding the recording of depreciation on non-current assets.

Write your answer out first, then check it against the worked solution.

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