Life Membership Fees

Q.

Where do salaries and wages appear in the profit and loss account?

Q.

Give 10 examples for capital receipts, revenue receipts, capital expenditure and revenue expenditure.

Q.

Life membership fees received by club is shown in—

1. None of these

2. Income and Expenditure Account

3. Balance Sheet

4. Both :

   Income and Expenditure Account

   Balance Sheet

Q. Life membership fees for a non-profit organisation is a .

1. revenue receipt
2. capital receipt
3. revenue expenditure
4. capital expenditure

Q.

Life membership fees of non-trading concerns is _____

1. Capital receipts

2. Revenue receipts

3. Both capital and revenue

4. None of these

Q.

The lump sum amount paid by members instead of paying periodic subscription is called ______________

1. Honorarium

2. Life Membership Fees

3. General Donation

4. None of these

Q.

How do you write an expenditure statement?

Q. The lump sum amount paid by members instead of paying a periodical subscription is called .

1. subscription
2. honorarium
3. legacies
4. life membership fees

Q. Life membership fee is a ________________.

1. Revenue nature expenditure
2. Capital nature expenditure
3. Revenue nature receipt
4. Capital nature receipt

Q. How is ‘Life membership fee’ treated while preparing the financial statements of a not-for-profit organisation ?