The lump sum amount paid by members instead of paying periodic subscription is called ______________
Honorarium
Life Membership Fees
General Donation
None of these
Life Membership Fees is the lump sum amount paid by members instead of paying periodic subscriptions.
Show the accounting treatment of the following items by a Not-for-Profit organisation.
(i) Annual Subscription
(ii) Specific Donation
(iii) Sale of Fixed Assets
(iv) Sale of Old Periodicals
(v) Sale of Sports Materials
(vi) Life Membership Fee