Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 15 - No. 33)
Which of the following would be included in the assets of a club in its balance sheet?
Cash at bank.
Subscriptions paid in advance.
Equipment.
Accumulated Fund.
Explanation
Assets are things a club owns or controls. Subscriptions paid in advance are not an asset - they represent a liability.
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