In the balance sheet of a social club, subscription owing...
In the balance sheet of a social club, subscription owing is treated as a
Current liability
Current asset
Tangible asset
Long term liability
Correct answer is B
Outstanding Subscription (subscription owing) It is that amount of Subscription which has been due from Previous year(s) and still remains unpaid. Therefore, It is deducted while ascertaining Subscription received during the Current Year and on the Other hand, it is shown on the Assets side of Opening Balance Sheet.
The consistency concept aims at ...
Abba offers 5% cash discount on goods worth N10,000, The discount allowed account is to be? ...
Which of the following accounts has a debit balance? ...
Given: Stock at start: Raw materials................N57,000 Work-in-progress.............N42,000 ...
What type of stock valuation would a vegetable seller adopt in valuing it's product? ...
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ ...
Which of these accounts is dissolution expenses credited? ...
Provision for depreciation on office furniture is charged to ...
One of the characteristics of useful accounting information is------ ...
When closing stock is undervalued, the cost of goods sold would be ...