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WAEC Financial Accounting 2000 Question 39

Question 39

Final Accounts of a Sole Trader

Bills receivable is a

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

Answer: B (current asset.)

Explanation

A bill receivable is money due to the business soon, a current asset.