JAMB Accounting 2014 Objective — Question 28

Question 28 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Subscription in arrears is treated in the balance sheet of a club as

A. current assetsCorrect
B. current liability
C. fixed asset
D. intangible asset

Explanation

Since subscription is an income, then a subscription in arrears is a debtor and it is a current asset.

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