Home » Past Questions » Accounts » Use the following information to answer the given question:\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)The closing balance of ₦3,368 Dr is classified in the balance sheet as a...

Use the following information to answer the given question:\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)The closing balance of ₦3,368 Dr is classified in the balance sheet as a...


Question

Use the following information to answer the given question:

\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)

The closing balance of ₦3,368 Dr is classified in the balance sheet as a

Options

A) fixed asset

B) current asset

C) current liability

D) capital

The correct answer is B.


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