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WAEC Financial Accounting 2020 Question 42

Question 42

Not-for-Profit Organisations

Accumulated fund of a club is equivalent to its

  1. A.net worth.
  2. B.gross worth.
  3. C.total assets.
  4. D.total liabilities.
Show the answer and explanation

Answer: A (net worth.)

Explanation

Accumulated fund = assets − liabilities, the club's net worth.