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JAMB Principles of Accounts 2007 Question 18

Question 18

Not-for-Profit Organisations

The amount of subscriptions accrued is reported in the balance sheet under

  1. A.fixed asset
  2. B.long-term liability
  3. C.current asset
  4. D.current liability.
Show the answer and explanation

Answer: C (current asset)

Explanation

Accrued subscriptions are amounts members still owe the club, so they are shown as a current asset.