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easyMCQCUET Accountancy 2023 11 June Shift 32026Accountancy
1 mark

Subscription Received in Advance is a:

  1. A
    Liability
  2. B
    Asset
  3. C
    Income
  4. D
    Expenditure

Solution & Step-by-step Explanation

Any subscription received in advance represents money collected for a future period. Since the organization has an obligation to provide services or benefits in that future period, it is classified as a Liability on the Balance Sheet.

Practice this question

Try it yourself before checking the explanation above.

Subscription Received in Advance is a:
A
Liability
B
Asset
C
Income
D
Expenditure

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