WAEC Accounting 2016 Objective — Question 18

Question 18 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.

18. The balance sheet as at 31st December, 2014 will show A. current asset of N600 B. current asset of N400 C. current liability of N400 D. current asset of N600

A. current asset of N600
B. current asset of N400Correct
C. current liability of N400
D. current asset of N600

Explanation

Prepaid is a current asset for the person/business; the N400 prepaid rent is shown as a current asset.

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