Question : Life Membership Fee received by NPO is accounted as:
Option 1: Capital Receipt
Option 2: Revenue Receipt
Option 3: Assets
Option 4: Outside liabilities

Question

Question : Life Membership Fee received by NPO is accounted as:

Option 1: Capital Receipt

Option 2: Revenue Receipt

Option 3: Assets

Option 4: Outside liabilities

Team Careers360 · Accepted Answer

Correct Answer: Capital Receipt

Solution : Life membership fees are receipts of non-recurring nature or capital receipt since the members are not required to pay the fees annually.
Hence, the correct option is 1.

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Question : Life Membership Fee received by NPO is accounted as:Option 1: Capital ReceiptOption 2: Revenue ReceiptOption 3: AssetsOption 4: Outside liabilities

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Question : Life Membership Fee received by NPO is accounted as:
Option 1: Capital Receipt
Option 2: Revenue Receipt
Option 3: Assets
Option 4: Outside liabilities

Question : Endowment fund received by NPO is:
Option 1: Capital Expenditure
Option 2: Revenue Expenditure
Option 3: Revenue Receipt
Option 4: Capital Receipt

Question : Subscription received by a club for cricket match is treated as:
Option 1: Revenue Receipt
Option 2: Asset
Option 3: Earned Income
Option 4: Capital Receipt

Question : Subscription received by a club for cricket match is treated as:
Option 1: Revenue Receipt
Option 2: Asset
Option 3: Earned Income
Option 4: Capital Receipt

Question : Grouping of Accounts means the classification of data from -
Option 1: Assets, Capital, and Liabilities
Option 2: Assets, Capital, Liabilities, Revenues & Expenses
Option 3: Assets, Owners equity, Revenue & Expenses
Option 4: Capital, Liabilities, Revenues, & Expenses

Question : The amount received from the sale of old newspapers by a club is treated as:
Option 1: Revenue Receipt
Option 2: Capital Receipt
Option 3: Asset
Option 4: Liability