passwella.
Menu

WAEC Financial Accounting 2012 Question 28

Question 28

Not-for-Profit Organisations

The term used to denote the capital of a not-for-profit making organization is

  1. A.annuity fund.
  2. B.nominal capital.
  3. C.circulating capital.
  4. D.accumulated fund.
Show the answer and explanation

Answer: D (accumulated fund.)

Explanation

A club or society calls its capital the accumulated fund: assets minus liabilities.