WAEC Accounting 2022 Objective — Question 28
Question 28 of 50 from the West African Examinations Council (WAEC) Accounting 2022 Objective paper, with the correct answer and a full explanation.
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Subscriptions in advance is treated in the balance sheet under
- A. current liabilitiesCorrect
- B. current assets
- C. accumulated fund
- D. long-term liabilities
Explanation
Subscription in advance is income received but not yet earned, so it is treated as a current liability in the balance sheet.
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