Determine the current liabilities.

A. N8,553
B. N8,263
C. N7,940
D. N1,228

Correct Answer:

Option B – N8,263

Explanation

In accounting, current liabilities are often understood as all liabilities of the business that are to be settled in cash within the fiscal year or the operating cycle of a given firm, whichever period is longer. example

Accounts payable.
Salaries payable.
Short-term debt payable.
Short-term notes payable.
Current lease liability

From the table above, current liabilities = creditors + accruals expenses. Hence we have;

7,940+323= 8,263