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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What should be done with subscriptions received in advance?
💡 Hint: Think about the timing of when the income is actually earned.
Question 2
Easy
Define 'liability' in the context of subscription adjustments.
💡 Hint: Consider what is owed to members who have paid ahead.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What should a non-trading organisation do when it receives a subscription payment for the next year?
- Count it as current income
- Deduct it from current income and add to liabilities
- Ignore it completely
💡 Hint: What is the timing principle in accounting?
Question 2
True or False: Accrued income is income that has been earned but not received.
- True
- False
💡 Hint: Think about when income is recognized versus when it is paid.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A non-profit arts organization typically receives ₹2,500 a year in subscriptions. This year, they received ₹1,000 in advance for next year's subscriptions. How should they report this amount correctly in their financial statements?
💡 Hint: Consider how to match income with the services provided.
Question 2
Consider a situation where an education charity received ₹5,000 in subscriptions but needs to report ₹1,000 as accrued income from the previous year. What should they do?
💡 Hint: Think about the difference between recognized income and realized income.
Challenge and get performance evaluation