WAEC Accounting 2013 Objective — Question 10

Question 10 of 50 from the West African Examinations Council (WAEC) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the following information to answer questions 10 to 12. Net profit ₦60,000 Total Assets ₦520,000 Current liabilities ₦150,000 Current assets ₦280,000 The current ratio is

A. 1.87 : 1Correct
B. 1:1.87
C. 1: D. 2: 1
D. 2:1

Explanation

Current ratio = current assets/current liabilities = 280,000/150,000 = 1.87 or 1.87:1.

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