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JAMB Commerce 2019 Objective — Question 10

Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2019 Objective paper, with the correct answer and a full explanation.

Bank overdraft as a short term source of fund is

A. a current liabilityCorrect
B. granted to a newly opened account
C. repayable after more than a year
D. an overdrawn account

Explanation

A bank overdraft functions like a credit purchase; it is a current liability.

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