Question on: JAMB Accounting - 2022
In the not-for-profit-making organization, the excess of income over expenditure is?
A
deducted from the capital
B
added to the accumulated fund
C
added to the capital
D
deducted from the the accumulated fund
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Correct Option: B
In not-for-profit-making organizations, the excess of income over expenditure is 'added to the accumulated fund.' Therefore, the correct option is 'added to the accumulated fund.'
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