JAMB Accounting 2018 Objective — Question 10

Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.

Given the balance sheet extract: Creditors #7,940, Prepaid expenses #290, Accrual expenses #323, Stock #4,500, Cash balances #4,956, Debtors #905. The value of the current assets will be

A. #10,361
B. #10,651Correct
C. #17,396
D. #17,848

Explanation

Current assets = Prepaid expenses + Stock + Cash balances + Debtors = 290+4,500+4,956+905 = 10,651.

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