Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 38)
In preparing the income and expenditure account for a club, which of the following information is *needed* to accurately calculate the amount of subscriptions to be included in the account?
The cash received from subscriptions during the year.
Subscriptions outstanding (in arrears) at the beginning of the year.
Subscriptions outstanding (in arrears) at the end of the year.
Subscriptions paid in advance at the beginning of the year.
Explanation
Cash received for the year, add in subscriptions in arrears at the end and subscriptions paid in advance at the beginning of the year.
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