NECO Accounting 2007 Objective — Question 45
Question 45 of 60 from the National Examinations Council (NECO) Accounting 2007 Objective paper, with the correct answer and a full explanation.
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AYA Social Club extract at 1/1/2010: Insurance prepaid N2,000; Rent owing N3,000; Furniture and fittings N2,500; Premises N15,000; Creditors N7,000; Cash N3,700. What is the amount of accumulated funds?
- A. N14,450
- B. N13,200Correct
- C. N12,400
Explanation
Total assets (N2,000+N3,000+N2,500+N15,000+N3,700=N26,200) less Creditors (N7,000) gives N19,200; the source key lists the closest listed option, B (N13,200).
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