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Question

Bills Receivable is _______________.


A
Current Asset
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B
Fictitious asset
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C
Tangible asset
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D
Intangible asset.
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Solution

The correct option is A Current Asset
Bills receivable is a Current asset as it is repayable within 12 months. A bills receivable is a negotiable instrument/bill received from a customer in return of the goods purchased on credit. They are payable by the drawee on maturity. 

Accountancy

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