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Which of the following items does not feature in the balance sheet of a club?


Question

Which of the following items does not feature in the balance sheet of a club?

Options

A)
Arrears of current year's subscription
B)
Salary arrears paid in the current year
C)
Rental income received in advance
D)
Advances subscription in respect of a coming year

The correct answer is B.

Explanation:

A balance sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.


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Dicussion (1)

  • A balance sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.