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ACCOUNT

JAMB 2023 - Question 10

Account 2023 JAMB Past Questions - Question 10: Subscription in advance is treated in the balance sheet as a

Subscription in advance is treated in the balance sheet as a

A: fixed asset

B: long term liability

C: current asset

D: current liability

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Correct Answer

Explanation

Subscription in advance is the sum of money prepaid by the members of club representing their dues for next year. It is treated as a liability in the balance sheet.