The adjustment to be made for income received in advance is:?

Accounting Mcqs
BILAL KHATTAK0

A. Add income received in advance to respective income and show it as a liability 
B. Deduct income received in advance from respective income and show it as a liability 
C. Add income received in advance to respective income and show it as asset
D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet 

Related Mcqs:

  1. The adjustment to be made for prepaid expenses is____________??
  2. Income earned but not received is called ____________??
  3. Which of the following statements best describes the purpose of depreciation??
  4. An income statement in which each item expressed as percentage of Sale??
  5. Payments received in advance from a customer for a contract can be__________??
  6. Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be??
  7. Which of the following statements is false ? select the false from below options?
  8. Outstanding salaries is shown as___________??
  9. Arrangement of Balance Sheet in a logical order is known as __________??
  10. Which of the following are current assets of a business??

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