Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 33)
What is the main difference between the members of a club or society and a commercial business?
Clubs and societies do not aim to make a profit.
Commercial businesses do not have members.
Clubs and societies have more complex financial reporting requirements.
Commercial businesses are always non-profit organizations.
Explanation
Clubs and societies are typically formed to provide a service to their members, not to generate profit.
Comments (0)
