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WAEC Financial Accounting 2004 Question 43

Question 43

Accounting Equation

Which of the following is not correct? (Assets; Liabilities; Capital)

  1. A.N95,550; N11,500; N82,000
  2. B.N82,000; N28,000; N54,000
  3. C.N78,500; N12,500; N66,000
  4. D.N65,400; N11,200; N54,200
Show the answer and explanation

Answer: A (N95,550; N11,500; N82,000)

Explanation

11,500 + 82,000 = 93,500, not 95,550; the others satisfy assets = liabilities + capital.