Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 21 - No. 19)
Which of the following is a key difference between a club's financial statements and those of a commercial business?
The focus on profit distribution.
The use of a Receipts and Payments Account.
The absence of share capital.
The aim to provide services to members.
Explanation
Clubs primarily provide services without aiming to distribute profits and share capital is not applicable in clubs.
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