GCE Accounting 2023 Objective — Question 40

Question 40 of 50 from the General Certificate of Education (GCE) Accounting 2023 Objective paper, with the correct answer and a full explanation.

The accumulated fund for a not-for-profit making organization is (a) assets + liabilities (b) assets – liabilities + capital (c) assets – liabilities (d) capital + liabilities

A. assets + liabilities
B. assets – liabilities + capital
C. assets – liabilitiesCorrect
D. capital + liabilities

Explanation

The accumulated fund is the equivalent of capital for a not-for-profit organisation, calculated as total assets minus total liabilities.

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