NECO Accounting 2022 Objective — Question 29
Question 29 of 50 from the National Examinations Council (NECO) Accounting 2022 Objective paper, with the correct answer and a full explanation.
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In the balance sheet of not-for-profit-making organizations, subscriptions in arrears is shown under
- A. fixed assets
- B. long-term liabilities
- C. current assetsCorrect
- D. current liabilities
Explanation
Subscription in arrears is an asset (amount owed to the organization) since the period for its collection is over.
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