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WAEC Financial Accounting 2023 Question 40

Question 40

Not-for-Profit Organisations

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

  1. A.assets+liabilities.
  2. B.assets − liabilities + capital.
  3. C.assets − liabilities.
  4. D.capital + liabilities.
Show the answer and explanation

Answer: C (assets − liabilities.)

Explanation

Like capital, the accumulated fund equals assets minus liabilities.