Accounting and Auditing

When an income is received in advance, the treatment in the Profit & Loss account and balance sheet, respectively, will be:

1
​added to the respective income on the credit side; shown on the assets side
2
deducted from the respective income on the credit side; shown on the assets side 
3
added to the respective income on the credit side; shown on the liabilities side
4
deducted from the respective income on the credit side; shown on the liabilities side.
5
None of the above

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