are incomes pertaining to a later accounting period for which money is already received.

Revenue in advance

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Accrued incomes

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Future incomes

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Outstanding incomes

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Solution

The correct option is A Revenue in advance
Revenue in advance are incomes pertaining to a later accounting period for which money is already received. It comes under the catergory of current liability as their is an obligation to provide products or services in future.

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Similar questions

________ are incomes pertaining to a later accounting period for which money is already received.

Q. State whether the following statements are True or False.

In the Income and Expenditure Account, all incomes received during the year irrespective of the year for which they are received, are to be recorded.

Rs 20,000 received as the annual membership subscription. Out of this, Rs 4,000 is pertaining to the previous accounting period whereas Rs 2,000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

Q. Rs. 1,00,000 received as the annual membership subscription. Out of this Rs. 20,000 is pertaining to the previous accounting period, whereas Rs. 10,000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting year.

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

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are incomes pertaining to a later accounting period for which money is already received.

The correct option is A Revenue in advanceRevenue in advance are incomes pertaining to a later accounting period for which money is already received. It comes under the catergory of current liability as their is an obligation to provide products or services in future.

The correct option is A Revenue in advance
Revenue in advance are incomes pertaining to a later accounting period for which money is already received. It comes under the catergory of current liability as their is an obligation to provide products or services in future.