A

Admin • 802.91K Points
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Q. Income received in advance is a:

  • (A) Current asset
  • (B) Fixed asset
  • (C) Current liability
  • (D) Long-term liability
  • Correct Answer - Option(C)
  • Views: 2
  • Filed under category Accounting
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Explanation by: Admin
It is a current liability as the income is not yet earned but already received.

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