WAEC - Accounts Principles Of Accounts (1993 - No. 28)

Income received in advance is shown in the balance sheet as

current asset

intangible asset

tangible asset

long term liabilities

current liabilities

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.

WAEC - Accounts Principles Of Accounts (1993 - No. 28)

Explanation

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