Accounting JAMB

Salaries in arrears is treated in the balance sheet as a?

A. current asset
B. current liability
C. fixed asset
D. long term liability

Correct Answer:

Option B – current liability

Explanation

Current Liability: salaries in arrears fall into the category of them under the current liability because it is a benefit due to outsiders but still enjoyed by the organization and can’t exceed a year

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