JAMB Accounting 2018 Objective — Question 34

Question 34 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.

The accumulated fund of a non-trading concern can equally be referred to as

A. members equityCorrect
B. share capital
C. general fund
D. surplus fund

Explanation

The accumulated fund of a non-trading concern is equivalent to the capital of a trading concern — it is the equity of the members.

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