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Debit & Credit for Revenue in Advance

Revenue recei...

Question

Revenue received in advance is a liability for the business entity.

A

True

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B

False

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Similar questions

Q. Select the most appropriate alternative from those given below and rewrite the statement.

Income received in advance is shown on the __________________.
a) debit
b) credit
c) asset
d) liability

Q. Dividend received is a/an for the business entity, and the value of liabilities will in the accounting equation.

Liability is the amount received by a business entity from selling goods. Is this True or False?

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

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

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