Question

Complete the following sentence.

______ is a membership fee paid by the member on annual basis. This is the main source of income for such organizations.

Options

• Subscriptions

• Endowment Fund

• Special Funds

• Payments of Honorarium

Answer 1

Subscriptions are a membership fee paid by the member on annual basis. This is the main source of income for such organizations.

Explanation:

A subscription is an annual membership fee paid by the member. Such organizations' primary source of revenue is this. Members' subscriptions are recorded as receipts in the Receipt and Payment Account and as income in the Income and Expenditure Account.