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JAMB Accounting 2009 Objective — Question 7

Question 7 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.

7. I. Operating Machine II. Furniture III. Fixture and fittings IV. Loans from friends V. Creditors. What are the current liabilities?

A. I and II
B. IV and VCorrect
C. III and V
D. II and IV

Explanation

Loans from friends and creditors are current liabilities (IV and V).

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