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WAEC Financial Accounting 2026 Question 16

Question 16

Incomplete Records

The preparation of statement of affairs from incomplete records is to determine the

  1. A.cost of goods sold.
  2. B.capital.
  3. C.sales.
  4. D.purchases
Show the answer and explanation

Answer: B (capital.)

Explanation

A statement of affairs lists assets and liabilities; the difference is the owner's capital.