Chapter 48 - Club Accounts

Question 1

Club

Answer 1

A non- profit making organisation/ association that people can join for a variety of reasons

Question 2

What is the role of the chairperson?

Answer 2

Are in overall charge of the club

Question 3

What are the duties of the chairperson?

Answer 3

○Take charge of all meetings and the AGM
○Make sure meetings are run properly
○Make sure the club is run well and follows all laws
○To sign all club cheques (along with the treasurer)

Question 4

What are the duties of the secretary?

Answer 4

○Send out the notice of the meetings for everyone entitled to attend
○Keep record of everything said at the meeting and decisions taken
○Write all letters
○Carry out all admin. work for the club
○Keep members up-to-date with everything going on in the club

Question 5

What is the role of the treasurer?

Answer 5

They are in charge of the club’s money

Question 6

What are the duties of the treasurer?

Answer 6

○Collect members subscriptions and issue receipts
○Handle clubs bank account
○Make all payments
○Record all the club’s receipts and payments
○Prepare the club’s final accounts and balance sheet

Question 7

Agenda

Answer 7

Name given to the document sent to each member of the club containing a list of all the items to be discussed at the meeting. It is part of the notice sent to each member informing them of the time, place and date of the meeting

Question 8

What information is put in the receipts and payments account?

Answer 8

All money received and payed out during a period

Question 9

What information is included in the Income and Expenditure Accounts?

Answer 9

○Only record receipts and payments that actually relate to the period in question - Must take amounts due and prepaid into account
○Don’t show the purchase/sale of fixed assets
○Don’t show the opening bank/cash balance

Question 10

In what two forms may a Receipts & Payments Account be presented?

Answer 10

1. As an Analysed account over a period of time, showing each receipt and expense separately
2. With no analysis columns and instead showing the total of each different type of club receipt/ expense

Question 11

Accumulated fund

Answer 11

Capital of the club and the difference between the assets and liabilities of a club at the beginning of the year