WAEC Accounting 2020 Objective — Question 42
Question 42 of 50 from the West African Examinations Council (WAEC) Accounting 2020 Objective paper, with the correct answer and a full explanation.
Advertisement
Accumulated fund of a club is equivalent to its A. net worth. B. gross worth. C. total assets. D. total liabilities.
- A. net worthCorrect
- B. gross worth
- C. total assets
- D. total liabilities
Explanation
Accumulated fund = total assets - liabilities, i.e. the net worth of the club (equivalent to capital in a sole proprietorship).
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.