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Subscriptions received in advance are

Accounts - Principles of Accounts
WAEC 2010

Subscriptions received in advance are

  • A. included in the income and expenditure account
  • B. not included in the receipts and payment account
  • C. shown as a current asset in the balance sheet
  • D. shown in the Balance Sheet as a current liability
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Correct Answer: Option D
Explanation

An amount received in advance against which the services are yet to provide is a balance sheet item. Any advance subscription is a liability and to be shown in balance sheet

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts