JAMB Accounting 2019 Objective — Question 4

Question 4 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Calls in advance are treated in the balance sheet as

A. current asset
B. current liabilityCorrect
C. fixed asset
D. fixed liability

Explanation

Calls in advance are monies received for shares which are not yet due; thus, they represent a liability to the organisation.

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