Accounting · Revenue from Contracts with Customers
A company receives an upfront transaction payment allocated to a 3-year technical support service of 56,250. The service is delivered evenly over time. The contract commenced on 1 January Year 1. What is the balance of the Contract Liability (Deferred Income) at 31 December Year 1 after recognizing the first year's revenue?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 156,250
- 237,500✓
- 350,000
- 440,000
Correct answer
37,500
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Revenue from Contracts with Customers MCQs →Want more practice questions on Revenue from Contracts with Customers?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · Revenue from Contracts with Customers