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WAEC Financial Accounting 1992 Question 31

Question 31

Final Accounts of a Sole Trader

The assets of a business can be classified broadly into

  1. A.fixed and floating assets
  2. B.fixed and current assets
  3. C.intangible and fixed assets
  4. D.current and circulating assets
  5. E.investment and tangible assets.
Show the answer and explanation

Answer: B (fixed and current assets)

Explanation

Assets are grouped as fixed (long-term) and current (short-term).