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प्रश्न
All membership fees collected by a non-trading concern must be entered in the assets side of the balance sheet. Justify for or against.
उत्तर
Against:
- All membership fees collected by a non-trading concern should not be entered on the asset side of the balance sheet.
- Membership fees are typically considered revenue and should be recorded in the Income and Expenditure Account.
- Only if the membership fees are received in advance for future periods should they be treated as a liability and shown on the liabilities side of the balance sheet as "Membership Fees Received in Advance." Regular membership fees for the current period are not assets; they are income.
संबंधित प्रश्न
Write any two uses of the Balance Sheet?
A ______ is a statement of assets and liabilities at the end of the period. It shows the financial position of a business on a certain date and represents the third and final stage.
______ is not an account but only a statement of assets and liabilities.
______ is a financial statement which sets out assets and liabilities as on a certain date.
Distinguish between a Profit and Loss Account and a Balance Sheet.
It is a statement of assets and liabilities. It is prepared to judge the financial position on a particular date.
The main use(s) of a Balance Sheet for a non-trading organisation is/are ______.
______ shows the financial position of the organization.
"A trading account reveals the financial position of an organisation." Comment.
Balance sheet is an Account. Justify.
