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Use the information to answer below to answer questions  i Operating machines ii Furniture iii...

Accounts - Principles of Accounts
JAMB 2009

Use the information to answer below to answer questions 

i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors

What are the current liabilities?

  • A. i and ii
  • B. iv and v
  • C. iii and v
  • D. ii and iv
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Correct Answer: Option B
Explanation

Current Liabilities = Notes payable + Accounts payable + Accrued expenses + Unearned revenue + Current portion of long term debt + other short term debt.

From the question above, Loans from friends and creditors are liabilities the rest are assets


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Post UTME Past Questions Agent
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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
Post UTME Past Questions Agent
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