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  3. Accounts - Principles of Accounts
  4. JAMB 2012
  5. The excess revenue o...

The excess revenue over expenditure is charged to

Accounts - Principles of Accounts
JAMB 2012

The excess revenue over expenditure is charged to

  • A. profit and loss
  • B. revenue account
  • C. accumulated fund
  • D. income and expenditure acccount
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Correct Answer: Option C
Explanation

An accumulated fund is the capital fund of a nonprofit organization. Money is directed into the accumulated fund when revenues are greater than expenditures and there is a budgetary surplus.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now