MyQuestionIcon

2

You visited us 2 times! Enjoying our articles? Unlock Full Access!

AE for Revenue in Advance

According to ...

Question

According to which concept, Income received in advance should be considered as liability and not as revenue?

A

Consistency

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Business Entity

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Matching

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

D

Going concern

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C
Matching

According to matching concept, Income received in advance should be considered as liability and not as revenue.

Suggest Corrections

thumbs-up

0

Similar questions

Q. concept states that income received in advance should be considered as a liability and not as revenue.

Q. According to the going concern concept, a business entity is assumed to have ______.

Q. According to which of the following concepts in determining the net income from the business, all costs which are applicable to revenue of the period should be charged against that revenue.

Q. According to which of the following concepts, while determining the net income from business, all costs which are applicable to revenue of the period should be charged against that revenue____________.

Q. According to "Business entity concept", business is treated as separate from its _______________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Accounting Equation 2

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

AE for Revenue in Advance

Standard XI Accountancy

Join BYJU'S Learning Program

CrossIcon