Subscription in advance is treated in the balan... - JAMB Accounting 2017 Question
Subscription in advance is treated in the balance sheet as a
A
current asset
B
current liability
C
fixed asset
D
long term liability
correct option: b
current assets are assets of the company that can be easily converted to cash when needed
current liability: this is the liability owned to outsiders but still enjoying its benefit within a year e.g creditors, wages in arrears
current liability: this is the liability owned to outsiders but still enjoying its benefit within a year e.g creditors, wages in arrears
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