Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 19 - No. 35)
In a club, which of the following best describes the treatment of outstanding subscriptions at the year-end?
It's an expense for the year.
It's income to be added to subscriptions.
It's a liability of the club.
It's a reduction in the subscription income.
Explanation
Outstanding subscriptions are part of the total subscriptions that should be recognized for the current period.
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