Income received in advance is an ___________
A) Asset
B) Liability
C) Expense
Correct Answer:
Verified
Q60: Wages paid on for the erection of
Q61: Income tax is debited to _
A)Profit and
Q62: Goods taken by the proprietor for personal
Q63: Asset that can be converted into cash
Q64: Balance sheet is prepared for a _
A)Period
B)On
Q66: If goods are destroyed by fire ,
Q67: Provision for account on creditors has a
Q68: Income earned but not received to known
Q69: Prepaid expense is _ to the business
A)Asset
B)Liability
C)Expense
Q70: Withdrawing more amount from bank than the
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