Non-Profit Accounting

FA – Nov 2024 – L1 – Q5b – Subscription Account for a Non-Profit Organization

Prepare the subscription account for a football club considering arrears, advance payments, and new subscriptions received.

Question

At 31 March 2023, Kahuro Football Club had membership subscriptions in arrears amounting to GH¢144,000 and had received GH¢36,000 as subscriptions in advance.

During the year ended 31 March 2024, the club received GH¢1,872,000, which included 26 memberships for the year ending 31 March 2025, charged at GH¢1,200 per annum.

At 31 March 2024, 16 members owed a subscription fee of GH¢1,200 each.

Required:

Prepare the subscription account for Kahuro Football Club for the year to 31 March 2024

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accruals and Prepayments, Club Accounts, Membership Fees, Non-Profit Accounting, Subscription Account
Level: Level 1

Topic: Preparation of not-for-profit accounts
Series: Nov 2024

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

Question

Where a not-for-profit organization prepares the accounts using accruals basis of reporting, the statement showing the performance of the organization is the?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Income and Expenditure, Non-Profit Accounting
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

FA – May 2024 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Defines the nature of a receipt and payment account in accounting.

Question

What does a receipt and payment account represent in accounting?

A. A summary of cash receipts and payments, including both accruals and cash transactions
B. A summary of cash receipts and payments during the accounting period, without considering accruals
C. A record of all revenue transactions in the accounting period, irrespective of cash inflows or outflows
D. A record of all capital transactions, including cash receipts and payments, during the accounting period
E. A record of all non-cash transactions in the accounting period, excluding cash receipts and payments

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Accounting, Non-Profit Accounting, Receipt and Payment Account
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2024

FA – Nov 2024 – L1 – Q5b – Subscription Account for a Non-Profit Organization

Prepare the subscription account for a football club considering arrears, advance payments, and new subscriptions received.

Question

At 31 March 2023, Kahuro Football Club had membership subscriptions in arrears amounting to GH¢144,000 and had received GH¢36,000 as subscriptions in advance.

During the year ended 31 March 2024, the club received GH¢1,872,000, which included 26 memberships for the year ending 31 March 2025, charged at GH¢1,200 per annum.

At 31 March 2024, 16 members owed a subscription fee of GH¢1,200 each.

Required:

Prepare the subscription account for Kahuro Football Club for the year to 31 March 2024

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accruals and Prepayments, Club Accounts, Membership Fees, Non-Profit Accounting, Subscription Account
Level: Level 1

Topic: Preparation of not-for-profit accounts
Series: Nov 2024

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

Question

Where a not-for-profit organization prepares the accounts using accruals basis of reporting, the statement showing the performance of the organization is the?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Income and Expenditure, Non-Profit Accounting
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

FA – May 2024 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Defines the nature of a receipt and payment account in accounting.

Question

What does a receipt and payment account represent in accounting?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Accounting, Non-Profit Accounting, Receipt and Payment Account
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2024

Question Tag: Non-Profit Accounting

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FA – Nov 2024 – L1 – Q5b – Subscription Account for a Non-Profit Organization

Prepare the subscription account for a football club considering arrears, advance payments, and new subscriptions received.

Required:

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

FA – May 2024 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Defines the nature of a receipt and payment account in accounting.

FA – Nov 2024 – L1 – Q5b – Subscription Account for a Non-Profit Organization

Prepare the subscription account for a football club considering arrears, advance payments, and new subscriptions received.

Required:

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

FA – May 2024 – L1 – SA – Q18 – Accounts of Not-for-Profit Entities

Defines the nature of a receipt and payment account in accounting.

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