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
B. Deduct income received in advance from respective income and show it as a liability
C. Add income received in advance to respective income and show it as asset
D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet

Right Answer: Deduct income received in advance from respective income and show it as a liability

February 22, 2018   Asghar Khan    Accounting  
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