WAEC Book Keeping 2024 Objective — Question 1
Question 1 of 40 from the West African Examinations Council (WAEC) Book Keeping 2024 Objective paper, with the correct answer and a full explanation.
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1. The claim on the assets of a business by outsiders is classified as A.
- A. capital
- B. liabilityCorrect
- C. reserve
- D. provision
Explanation
Liabilities are debts which the company owes outsiders. It is the claim of outsiders against the assets of the company.
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