JAMB Accounting 2020 Objective — Question 17
Question 17 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.
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17. Subscription in arrears is ......... to the organization The statement of account of Home Boys Social club shows the following: Arrears for current year N150, Advance pay since last year N100, Receipt for the year: Previous arrears N3000, Due for the year N4000, Advance pay N1000
- A. A. AssetCorrect
- B. B. Liability
- C. C. Capital
- D. D. Income
Explanation
Subscription in arrears is just like debt owing the organisation. Since debtors are assets to the organisation, so also is subscription in arrears.
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