In the balance sheet of not-for-profit making organizations; subscription in arrears is shown under?

By: |Published on: Jan 6|Categories: Accounting WAEC| 0 comments

A. long-term liabilities
B. current assets
C. current liabilities
D. fixed assets

Correct Answer:

Option B = current assets

Explanation

Subscription in arrears is the sum of money due from members for a particular year but which has not been paid for that year. It is treated as current asset in the balance sheet.

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