A-LevelAccountingPreparation of financial statements9706/12 · May/June 2012 · Q121 Mark
Which statements about non-profit making organisations are correct? 1 A club or society may engage in trading activities. 2 A club or society may suffer bad debts. 3 Subscriptions are credited to the income and expenditure account in the year in which they are received. 4 The term 'excess of expenditure over income' replaces 'profit for the year'.
A1 and 2
B1 and 4
C2 and 3
D3 and 4
✓ Correct answer
A: 1 and 2
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