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JAMB Principles of Accounts 2012 Question 31

Question 31

Not-for-Profit Organisations

The excess of revenue over expenditure is charged to

  1. A.profit and loss account
  2. B.revenue account
  3. C.accumulated fund
  4. D.income and expenditure account.
Show the answer and explanation

Answer: C (accumulated fund)

Explanation

A club's surplus is added to its accumulated fund.