A

Admin • 833.24K Points
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Q. Income received in advance is:

  • (A) An asset
  • (B) A liability
  • (C) An expense
  • (D) Revenue
  • Correct Answer - Option(B)
  • Views: 21
  • Filed under category Accounting
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Explanation by: Admin

Income received in advance is not yet earned, so it's a liability.

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