Income received in advance is
A) An income
B) a liability
C) an asset
D) a loss
Correct Answer:
Verified
Q4: 'Pooling of interest' is a method of_
A)accounting
Q5: rights/ Duties of partners are governed by_
A)article
Q6: The proceeds of assets not specifically pledged
Q7: Out Of The following, Direct Expense Is
A)Salaries
B)carriage
Q8: Goodwill is a
A)Fixed asset
B)current asset
C)intangible asset
D)fictitious asset
Q10: Sales are equal to
A)Cost of goods sold
Q11: Interest on drawings is
A)An expenditure for the
Q12: Which of the following is a current
Q13: In the case of net worth method
Q14: Capital at the beginning of the year
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