WAEC Accounting 2025 Theory — Question 2
Question 2 of 15 from the West African Examinations Council (WAEC) Accounting 2025 Theory paper, with the correct answer and a full explanation.
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1(b) Five differences between a social club's account and a limited liability company's account
Model answer
No. | Social Club's Account | Limited Liability Company's Account 1 | Capital is called the Accumulated Fund | Capital is called Shareholders' Fund 2 | Prepares a Statement of Affairs | Prepares a Balance Sheet 3 | Has no Appropriation Account | Has a Profit and Loss Appropriation Account 4 | Uses a Receipts and Payments Account for cash | Uses a Cash Book for cash 5 | Excess of income over expenditure is called Surplus (or Deficit) | Excess of income over expenditure is called Profit (or Loss)
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