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WAEC SSCE - Financial Accounting - 1996 (Objective)

Question 1 Report

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)
What is the total assets?
Answer Details
To find the total assets of the company, we need to add the fixed assets and current assets. Fixed assets = N12,000 Current assets = N5,000 Total assets = Fixed assets + Current assets Total assets = N12,000 + N5,000 Total assets = N17,000 Therefore, the total assets of the company are N17,000. The correct answer is.
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