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Question
Current liabilities do not include _______________.
Current liabilities do not include _______________.
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Solution
The correct option is C Prepaid Insurance
Current liabilities arises during the business operations and to be repayable in the coming business cycle. These are short term liabilities. Examples are sundry creditors, bills payable, bank overdraft etc.
Prepaid Insurance means the insurance premium paid in advance and to be shown an item of other current assets.
Current liabilities arises during the business operations and to be repayable in the coming business cycle. These are short term liabilities. Examples are sundry creditors, bills payable, bank overdraft etc.
Prepaid Insurance means the insurance premium paid in advance and to be shown an item of other current assets.
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