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Question
Subscription received in advance during the current year is ______.
Options
an income
an asset
a liability
None of these
MCQ
Fill in the Blanks
Solution
Subscription received in advance during the current year is a liability.
Explanation:
The Not-for-Profit Organization is liable for subscriptions received in advance during the year.
shaalaa.com
Accounting Records of "Not for Profit" Organisations
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