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WAEC Financial Accounting 2003 Question 32

Question 32

Accruals and Prepayments

Rent owing by a business is shown in the

  1. A.Trading Account
  2. B.Trial Balance
  3. C.Balance Sheet
  4. D.Cash Book.
Show the answer and explanation

Answer: C (Balance Sheet)

Explanation

Rent owing is a current liability in the balance sheet.