Calls in advance are treated in the balance sheet as_______
FINANCIAL
JAMB 2018
Calls in advance are treated in the balance sheet as_______
- A. Current asset
- B. Fixed asset
- C. Current liability
- D. Fixed liability
Correct Answer: C. Current liability
Explanation
calls in advance is treated as a current liability until the calls are made and the amount actually becomes payable by the shareholders
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