Sometimes we receive an income but a portion of this income relates to the next accounting period. Such portion of the income is called – – – – Income.
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this is known as the current liabilities
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Sometimes we receive an income but a portion of this income relates to the next accounting period.
Such a portion of the income is called 'Received in advance' Income.
Options could be:
A) Received in Advance
B) Asset
C) Liability
D) None.
Explanation:
- If the revenue or the income which we are supposed to earn in the next accounting period is received in the current accounting period, then it is known as 'Received in Advance' Income.
- This income is treated as Unearned Income.
- This is due to the point that we received this revenue before the related add-ons are provided.
- This is also known as Deferred Revenue Income.
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