Accounts of Clubs and Societies — Practice Questions

Question 1

Clubs and societies are:

Accepted Answer

non-profit-making organisations — They are non-profit-making.

Question 2

The excess of income over expenditure is called a:

Accepted Answer

surplus — For a club it is a surplus.

Question 3

The excess of expenditure over income is called a:

Accepted Answer

deficit — It is a deficit.

Question 4

A summary of cash received and paid is the:

Accepted Answer

receipts and payments account — The receipts and payments account.

Question 5

The main source of income for a club is usually:

Accepted Answer

subscriptions — Usually subscriptions.

Question 6

The income and expenditure account is like a:

Accepted Answer

income statement — It is like an income statement.