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WAEC Financial Accounting 1997 Question 41

Question 41

Accruals and Prepayments

Rent receivable is a

  1. A.current asset
  2. B.current liability
  3. C.contingent liability
  4. D.fictitious asset
  5. E.provision
Show the answer and explanation

Answer: A (current asset)

Explanation

Rent receivable is money owed to the business, so it is a current asset.