JAMB Accounting 2014 Objective — Question 20

Question 20 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Given the balance sheet extract (Creditors N7,940; Prepaid expenses N290; Accrual expenses N323; Stock N4,500; Cash balances N4,956; Debtors N905), the value of the current assets will be

A. N10,361
B. N10,651Correct
C. N17,396
D. N17,848

Explanation

Current assets = Prepaid expenses+Stock+Cash balances+Debtors = 290+4,500+4,956+905 = N10,651.

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