WAEC Accounting 2022 Objective — Question 2
Question 2 of 50 from the West African Examinations Council (WAEC) Accounting 2022 Objective paper, with the correct answer and a full explanation.
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Use the following information to answer questions 2 and 3. Years | Current Assets(N) | Liabilities(N) | Fixed Assets(N) | Capital(N) 2018 | 52,550 | 78,600 | 127,450 | X 2017 | 41,650 | 53,220 | Y | 116,780 The letter X represents
- A. N258,600
- B. N180,000
- C. N101,400Correct
- D. N78,600
Explanation
Capital = (Current Assets + Fixed Assets) − Liabilities = (52,550 + 127,450) − 78,600 = 180,000 − 78,600 = N101,400.
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