WAEC Accounting 2024 Objective — Question 21
Question 21 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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Subscriptions classified in the balance sheet as a current asset is subscriptions
- A. in advance
- B. in arrearsCorrect
- C. received for the year
- D. income for the year
Explanation
Subscriptions in arrears are amounts still owed to the club, so they are treated as a current asset (a receivable).
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