Bills receivable is a

Assessment: WAEC SSCE - Financial Accounting - 2000 (Objective) Subject: Financial Accounting

Question 1 Report

Bills receivable is a
Answer Details
Bills receivable is a current asset. Bills receivable are written promises to receive a specified amount of money at a future date from someone who owes the money to the business. These are assets because they represent money owed to the business that is expected to be received in the near future. Current assets are assets that are expected to be converted into cash or used up within one year, and bills receivable usually fall within this category.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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