WAEC Accounting 2024 Objective — Question 16
Question 16 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.
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In an incomplete record, the excess of opening capital over closing capital is
- A. provision
- B. lossCorrect
- C. profit
- D. reserve
Explanation
If closing capital is lower than opening capital, the business has suffered a loss or the owner has made excessive drawings.
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