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WAEC Financial Accounting 2013 Question 17

Question 17

Not-for-Profit Organisations

The accumulated fund of a not-for-profit making organization is

  1. A.a fixed asset.
  2. B.a current asset.
  3. C.a liability.
  4. D.capital.
Show the answer and explanation

Answer: D (capital.)

Explanation

The accumulated fund (assets minus liabilities) is the club's equivalent of capital.