O-LevelAccountingThe fundamentals of accounting7707/12 · May/June 2011 · Q231 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? rent paid in advance outstanding subscriptions A current asset current asset B current asset current liability C current liability current asset D current liability current liability
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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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