JAMB - Accounts Principles Of Accounts (2019 - No. 53)
In a non-profit making organisation, the excess of Assets over liabilities equals
capital
capital employed
capital owned
accumulated funds
Explanation
The excess of the assets over the liabilities of a non-profit making concern is called Accumulated Fund. It is the capital of a non-profit making association. In order to ascertain the accumulated fund, a statement of affairs will be prepared.
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