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  • Accounting Errors and Rectification
  • “Income received in advance” is a/an
Multiple choice

“Income received in advance” is a/an

  1. <span style="">current asset

  2. current liability

  3. <span style="">investment<span style="">

  4. <span style="">secured loan

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Income received in advance is a current liability because you need to pay for this advance amount in the future.

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