Subscriptions classified in the balance sheet as a current asset is subscriptions

Accounts - Principles of Accounts

WAEC 2024

A. in advance.
B. in arrears.
C. received or the year.
D. income for the year.

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Correct Answer: Option B

Explanation

Subscription in arrears is a type of income that we have earned or worked for within a certain period, but yet to receive. Thus, it is classified as a current asset of the balance sheet.

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Subscriptions classified in the balance sheet as a current asset is subscriptions

Correct Answer: Option B

Explanation

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