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

Consistency

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Matching

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Prudence

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Going concern

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Solution

The correct option is B Matching
According to the matching concept, any income received in advance should be considered as a liability and not as revenue.

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Similar questions

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

Income received in advance but not earned will appear in the balance sheet as ___.

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