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WAEC Financial Accounting 2018 Question 35

Question 35

Not-for-Profit Organisations

The excess of assets over liabilities of a not-for-profit making organization is

  1. A.surplus.
  2. B.deficit.
  3. C.working capital.
  4. D.accumulated fund.
Show the answer and explanation

Answer: D (accumulated fund.)

Explanation

A club's assets less liabilities is its accumulated fund.