JAMB Accounting 2019 Objective — Question 40

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

Which of the following items are current assets?

A. Stock, bills receivable, cash and debtorsCorrect
B. Stock, bills payable, cash and debtors
C. Stock, bad debt, bills receivable and cash
D. Stock, work-in-progress, cash and bills payable

Explanation

Current assets include stock, bills receivable, cash and debtors — all short-term assets expected to be converted to cash or used within a year. Bills payable and bad debts are not current assets.

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