Question on: JAMB Accounting - 2024
Rent accrued at the end of an accounting period is a
A
current asset
B
fixed asset
C
current liability
D
capital
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Correct Option: C
Rent accrued at the end of an accounting period represents an expense that has been incurred but not yet paid. This creates a liability for the business. Since this liability is usually due within one year, it is classified as a current liability.
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