Which of the following is not a liability?

Assessment: WAEC SSCE - Financial Accounting - 2002 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following is not a liability?
Answer Details
Prepayment is not a liability. Prepayment refers to an amount that has been paid in advance for goods or services that will be received in the future. It is recorded as an asset on the balance sheet, not as a liability. The other options listed are all examples of liabilities. Accrued wages are wages that have been earned by employees but not yet paid, rent arrears are rent payments that are overdue, and insurance due but unpaid refers to insurance premiums that are owed but have not yet been paid.
Read lesson note on Nature And Significance Of Accounting (JAMB)
View Answer

Related Questions

1

Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purc...
2

Carriage inward expenses of a business is treated in
3

The source document sent by the seller to the buyer when goods are returned is
4

Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purc...
5

Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purc...
6

Discounts allowed is charged to
7

The accounting equation is
8

Which of the following belongs to the normal ledger?

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning