WAEC Accounting 2019 Objective — Question 5

Question 5 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.

In a not-for-profit organization, accumulated fund is

A. current assets less fixed assets
B. current assets plus fixed assets less total liabilitiesCorrect
C. fixed assets plus current assets plus long-term liabilities less current liabilities
D. fixed assets less long-term liabilities less current liabilities

Explanation

Accumulated fund = Total assets - Liabilities. This equals current assets plus fixed assets less total liabilities.

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