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Salaries in arrears is treated in the balance sheet as a

Accounts - Principles of Accounts
JAMB 2017
Salaries in arrears is treated in the balance sheet as a
  • A. current asset
  • B. current liability
  • C. fixed asset
  • D. long term liability
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Correct Answer: Option B
Explanation
Current Liability: salaries in arrears fall into the category of them under the current liability because it is benefit due to outsiders but still enjoying by the organisation and can't exceed a year
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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 - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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