Q2. An accountant has recorded advance received against sale of goods as ‘advance against sale’ and not sales. Is he correct in doing so? If yes name the accounting concept which requires so?
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An accountant has recorded advance received against sale of goods as 'advance against sale' and not sales. Is he correct in doing so? If yes name the accounting concept which requires so?
answer. Only financial transactions are recorded in accounting'.
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Yes, Revenue Recognition Concept
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