Subscription in advance is treated in the balance sheet as a
FINANCIAL
JAMB 2023
Subscription in advance is treated in the balance sheet as a
- A. fixed asset
- B. long term liability
- C. current asset
- D. current liability
Correct Answer: D. current liability
Explanation
Subscription in advance is the sum of money prepaid by the members of club representing their dues for next year. It is treated as a liability in the balance sheet.
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