WAEC Accounting 2015 Objective — Question 30
Question 30 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.
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In the balance sheet of a social club, subscription owing is treated as
- A. Current liability
- B. Current assetCorrect
- C. Tangible asset
- D. Long-term liability
Explanation
Subscription owing (yet to be received) is like a debtor owed to the club, and is therefore treated as a current asset in the balance sheet.
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