WAEC - Accounts Principles Of Accounts (2024 - No. 21)
Subscriptions classified in the balance sheet as a current asset is subscriptions
in advance.
in arrears.
received or the year.
income for the year.
Explanation
Subscription in arrears is a type of income that we have earned or worked for within a certain period, but yet to receive. Thus, it is classified as a current asset of the balance sheet.
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