Question

M.C.Q
1.Subscription Received in advance is :
(a) A liability
(b) An Asset
(c) An income
(d) An expense
2. Receipt of legacy should be treated as:
(a) A revenue
(b) A capital receipt
(c) Both of these
(d) None of these
3.Life membership fees received:
(a) may be capitalized
(b) may be taken as revenue receipt
(c) should be capitalized
(d) should be taken as revenue receipt.​

Answer 1

Explanation:

1.c

2.d

c.a

I doubted only 3rd question pls check it out whether it is right or wrong

Answer 2

Answer:

1.Subscription Received in advance is :

(a) A liability

2. Receipt of legacy should be treated as:

(b) A capital receipt

3.Life membership fees received:

(c) should be capitalized

pls mark me brainleist