JAMB Accounting 2007 Objective — Question 18

Question 18 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

The amount of subscriptions accrued is reported in the balance sheet under

A. fixed account
B. long-term liability
C. current assetCorrect
D. current liability

Explanation

Subscriptions accrued (owing) represent income earned but not yet received, so members owing are treated as debtors and shown as a current asset.

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