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Q. |
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 |
Answer» B. Deduct income received in advance from respective income and show it as a liability |
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