Payments received in advance from a customer for a contract can be__________?

Related Mcqs:

For which step of accounting process the accountants of business entity prepare financial statements?

A. Identification of economic event B. Communication of financial information C. Recording financial information D. Making decisions about business...

The Basic accounting equation is___________?

A. Asset=Expense +Income B. Assets=Cash+Capital C. Assets=Capital+Liabilities D. Assets=Expenses+Capital...

Which of the following assets is/are to be valued at the lower of cost and net realizable value?

A. Goodwill B. Inventories C. Investments D. Both B. and C. above....

Generally the term fund is used to mean the difference between?

A. Current assets and current liabilities B. Profit and loss A/C and Balance sheet C. Current assets and non-current liabilities D. Current liabilities and non-current liabilities...

When production is equal to sales, which of the following is TRUE?

A. No change occurs to inventories for either use absorption costing or variable costing methods B. The use of absorption costing produces a higher net income than the use of variable costing C. The use of absorption costing produces a lower net income than the use of variable costing D. The use of absorption costing … When production is equal to sales, which of the following is TRUE?Read More...