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WAEC Financial Accounting 2011 Question 23

Question 23

Not-for-Profit Organisations

Subscriptions owed by members of a club is a/an

  1. A.asset
  2. B.liability
  3. C.profit
  4. D.surplus
Show the answer and explanation

Answer: A (asset)

Explanation

Subscriptions in arrears are money due to the club, so they are a current asset.