WAEC Accounting 2014 Objective — Question 44
Question 44 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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Subscription in advance is classified in the balance sheet as
- A. an asset
- B. a liabilityCorrect
- C. a deficit
- D. a surplus
Explanation
Subscription in advance is a liability on the organisation, because it is income received but not yet earned.
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