MCQ Club and Societies
(1) How are subscriptions received and subscriptions written off recorded in a receipts and
payments account?
(2) Par Golf Club had a shop that sold golfing equipment to its members. The treasurer provided
the following information for the shop for the year ended 31 December.
What was the shop’s gross profit for the year?
A $2250 B $2350 C $ 2450 D $ 2750
(3) A sports club operates a shop selling running shoes to members. These shoes are purchased
on credit terms from suppliers.
Which item is recorded in the receipts and payments account?
A inventory of shoes B payments to suppliers
C purchases of shoes D shop profit or loss
(4) What is included in the income and expenditure account of a tennis club?
A all amounts received and paid during the year
B all capital and revenue expenditure incurred during the year
C the closing balances on the accumulated fund
D the profit for the year from the club’s shop
DR.NAY 1
(5) Which items are included in an income and expenditure account prepared for a sports club?
1 cost of new furniture purchased during the year for the clubhouse
2 depreciation on furniture and sports equipment rates for the clubhouse
3 paid in advance for the next financial year
4 subscriptions that remain unpaid by club members at the end of the financial year
A 1 and 2 B 1 and 4 C 2 and 4 D 3 and 4
(6) Melody is a music club. The club holds a music concert once every year. Prizes are awarded
to musicians selected by a judge. The club provided the following information related to the
latest music concert.
What was the profit from the concert?
A $950 B $1050 C $1450 D $2100
(7) A golf club sells refreshments to its members. Suppliers of refreshments were owed $250
on 1 January 2022 and $400 on 31 December 2022.
Payments to suppliers during the year were $7200.
The inventory at the end of the year was $100 less than the inventory at the start of the year.
What was the cost of sales of refreshments for the year ended 31 December 2022?
A $7050 B $7150 C $7300 D $7450
(8) A social club provided the following information.
What was the amount of subscriptions in the income and expenditure account for the year ended
31 December 2022?
A $570 B $650 C $660 D $670
DR.NAY 2
(9) The financial year of a club ends on 30 September. During the year ended 30 September
2022, the club received an interest-free loan from a member. In which of the club’s financial
statements will this appear?
A income and expenditure account and statement of financial position
B receipts and payments account and income and expenditure account
C receipts and payments account and statement of financial position
D statement of financial position only
(10) A cricket club provided the following information.
What was the balance at bank on 31 July 2022?
A $920 B $1180 C $1200 D $1300
(11) A club had an accumulated fund at the start of the year of $18 000 and at the end of the
year of $16 200. New equipment costing $1100 was bought during the year. Total expenses for
the year were $9550. The only income came from subscriptions.
How much were subscriptions for the year?
A $7750 B $8850 C $11 350 D $12 450
(12) A sports club provided the following information for the financial year ended 31 December
2021.
What was the total of the subscriptions that related to the year ended 31 December 2021?
A $8150 B $8550 C $9050 D $9450
DR.NAY 3
(13) There are 120 members of a sports club. The annual subscription is $60. At the beginning
of the year, no members had paid in advance and no members had subscriptions outstanding.
At the end of the year, 7 members had not paid and 3 members had paid in advance.
Which amount was shown for subscriptions in the income and expenditure account?
A $6600 B $6960 C $7200 D $ 7800
(14) A sports club was formed on 1 September 2019. What may appear in the receipts and
payments account for the year ended 31 August 2020?
A closing bank balance
B closing inventory of club shop
C depreciation of sports equipment
D subscriptions in arrears
(15) A club was formed on 1 July 2019. 9 During the year ended 30 June 2020 subscriptions
received from members totalled $2500. This included $120 paid in advance for the next
financial year. Subscriptions outstanding on 30 June 2020 amounted to $280.
How much was recorded for subscriptions in the income and expenditure account for the year
ended 30 June 2020?
A $2100 B $2500 C $2660 D $2780
(16) A sports club provided the following information.
What was the total income for the year?
A $15 800 B $17 300 C $22 600 D $31 000
DR.NAY 4
(17) A cricket club set up a snack bar on 1 January 2019. The following information is available.
What was the profit made by the snack bar?
A $500 B $750 C $1020 D $1270
(18) A social club had the following assets and liabilities.
What was the accumulated fund?
A $6275 B $6325 C $7175 D $7275
DR.NAY 5
