O-LevelAccountingAccounting procedures7707/11 · May/June 2011 · Q221 Mark

A football club provided the following information at the end of its financial year: rent of premises paid in advance outstanding subscriptions from members Where will these items appear in the club's balance sheet?

Arent paid in advance: current asset; outstanding subscriptions: current asset

Brent paid in advance: current asset; outstanding subscriptions: current liability

Crent paid in advance: current liability; outstanding subscriptions: current asset

Drent paid in advance: current liability; outstanding subscriptions: current liability

✓ Correct answer

A: rent paid in advance: current asset; outstanding subscriptions: current asset

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2011 Paper 1 Variant 1, question 22.

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