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

Accounts - Principles of Accounts
WAEC 2022

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

  • A. long-term liabilites
  • B. current assets
  • C. current liabilities
  • D. fixed assets
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Correct Answer: Option B
Explanation

Subscription in arrears is the sum of money due from members for a particular year but which has not been paid for that year. It is treated as current asset in the balance sheet.

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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789