JAMB Accounting 2025 Objective — Question 18

Question 18 of 41 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2025 Objective paper, with the correct answer and a full explanation.

The debts which are to be repaid within a short period (a year or less) are referred to as

A. Current LiabilitiesCorrect
B. Fixed liabilities
C. Contingent liabilities
D. All the above

Explanation

Obligations due from the business within a short period of time are referred to as current liabilities.

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