JAMB Accounts Principles of Accounts 2014 Paper

Concept:Current liabilities are amounts owed by the business that are payable within one year.Explanation:From the extract, the current liabilities are Creditors and Accrual expenses.Prepaid expenses, Stock, Cash balance, and Debtors are assets, not liabilities.Current liabilities = Creditors + Accrual expensesCurrent liabilities = $\#7{,}940 + \#323 = \#8{,}263$Answer:#8,263