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JAMB Principles of Accounts 2000 Question 36

Question 36

Not-for-Profit Organisations

The accumulated fund of a non-trading concern can equally be referred to as

  1. A.members' equity
  2. B.share capital
  3. C.general fund
  4. D.surplus fund.
Show the answer and explanation

Answer: A (members' equity)

Explanation

The accumulated fund is the club's capital, i.e. what belongs to the members: members' equity.