WAEC Accounting 2020 Objective — Question 23

Question 23 of 50 from the West African Examinations Council (WAEC) Accounting 2020 Objective paper, with the correct answer and a full explanation.

The surplus for the year 2018 was

A. N7,865,000Correct
B. N7,535,000
C. N5,845,000
D. N5,235,000

Explanation

Surplus = Total income (Subscription N9,330,000 + Annual dance tickets N1,500,000 + Donations N800,000) - Total expenses N4,095,000. Following the club's income and expenditure computation, the surplus for the year is N7,865,000.

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