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.
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The balance sheet as at 31st December, 2014 will show
- 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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