In a non-profit making organisation, the excess of Assets over liabilities equals
FINANCIAL
JAMB 2019
In a non-profit making organisation, the excess of Assets over liabilities equals
- A. capital
- B. capital employed
- C. capital owned
- D. accumulated funds
Correct Answer: D. accumulated funds
Explanation
The excess of the assets over the liabilities of a non-profit making concern is called Accumulated Fund. It is the capital of a non-profit making association. In order to ascertain the accumulated fund, a statement of affairs will be prepared.
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