Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 14 - No. 39)
For a club, how do you determine subscriptions to be shown in the income and expenditure account?
Cash receipts during the year.
Cash receipts less outstanding subscriptions.
Cash receipts plus subscriptions in arrears.
Cash receipts plus or minus the changes in accrued amounts.
Explanation
Subscriptions are recognized when they relate to the period of time.
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