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Subscription in advance is treated in the balance sheet as a

Accounts - Principles of Accounts
JAMB 2017
Subscription in advance 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 assets are assets of the company that can be easily converted to cash when needed

current liability: this is the liability owned to outsiders but still enjoying its benefit within a year e.g creditors, wages in arrears
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709