The account "Advances from Customers" is a(n):
A)asset account
B)liability account
C)revenue account
D)contra-revenue account

Name: The account "Advances from Customers" is a(n): A)asset account B)liability account C)revenue account D)contra-revenue account
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Advances from Customers represents money received from customers before delivery of products or services. This is a liability for the company as they owe the products or services to the customers in exchange for the money received.

The Account "Advances from Customers" Is A(n)