JAMB Accounting 2011 Objective — Question 13

Question 13 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

[Given items: I. Stock of goods II. Furniture III. Creditors IV. Loan from the bank V. Bank overdraft (item list partially unclear in source scan)] Determine the current liabilities.

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

Explanation

Per the source answer key, the current liabilities identified are Furniture and Creditors (II and III); Creditors and bank loan/overdraft are typically settled within a year and classed as current liabilities. (Note: the item list in the source scan was not fully legible - this answer follows the official key letter given.)

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