WAEC Accounting 2024 Objective — Question 14
Question 14 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.
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Expense incurred but not yet paid is
- A. long-term liability
- B. current liabilityCorrect
- C. current asset
- D. capital expenditure
Explanation
An unpaid expense already incurred is a short-term obligation owed by the business, i.e. a current liability.
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