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Management Sciences
MEDIUM
ENGLISH
Management Sciences
The adjustment to be made for income received in advance is:
A
Add income received in advance to respective income and show it as a liability
Option A
Deduct income received in advance from respective income and show it as a liability
Correct answer
C
Add income received in advance to respective income and show it as asset
Option C
D
Deduct income received in advance from respective income and show it as an asset in the Balance Sheet
Option D
Correct answer: B
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