Income received in advance is shown in the balance sheet as

Accounts - Principles of Accounts

WAEC 1993

A. current asset
B. intangible asset
C. tangible asset
D. long term liabilities
E. current liabilities

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Correct Answer: Option E

Explanation

current liabilities: This is because it represents money received for services or goods that have yet to be delivered, thus creating an obligation for the company.

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Income received in advance is shown in the balance sheet as

Correct Answer: Option E

Explanation

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