A

Admin • 802.91K Points
Coach

Q. Income received in advance is:

  • (A) An asset
  • (B) A liability
  • (C) An expense
  • (D) Revenue
  • Correct Answer - Option(B)
  • Views: 2
  • Filed under category Accounting
  • Hashtags:
Explanation by: Admin
Income received in advance is not yet earned, so it's a liability.

You must be Logged in to update hint/solution

Discusssion

Login to discuss.

Be the first to start discuss.