JAMB Accounting 2023 Objective — Question 24

Question 24 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2023 Objective paper, with the correct answer and a full explanation.

The accumulated fund is equivalent to A.

A. share capital.Correct
B. Debenture.
C. Cash balance.
D. Net assets.

Explanation

The accumulated fund for a not-for-profit making organization is the equivalent of share capital for a limited liability company. (Use the following information to answer Question 25-27: JOHN PLC issued 500,000 of N5 ordinary share at the rate of #12:50 per share as follows: Application 0.50, First Call 5, Final Call 5, Allotment 2, Total #12:50. If Applications for 1,000,000 shares were received.)

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