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WAEC Financial Accounting 2022 Question 29

Question 29

Not-for-Profit Organisations

In the balance sheet of not-for-profit-making organizations, subscriptions in arrears is shown under

  1. A.fixed assets
  2. B.long-term liabilities
  3. C.current assets
  4. D.current liabilities
Show the answer and explanation

Answer: C (current assets)

Explanation

Arrears are owed by members, so they are a current asset.