WAEC Accounting 2020 Objective — Question 8
Question 8 of 50 from the West African Examinations Council (WAEC) Accounting 2020 Objective paper, with the correct answer and a full explanation.
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In a situation of incomplete records, profit is determined as
- A. closing capital + drawings + opening capital
- B. closing capital - drawings - opening capital
- C. drawings - closing capital - opening capital
- D. closing capital + drawings - opening capitalCorrect
Explanation
To determine profit in incomplete records, the formula is: Profit = Closing capital + Drawings - Opening capital.
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