Accounting · Accounting Concepts
'Advance received from a customer is not taken as income or sales.' This statement is based on which accounting concept?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Revenue Recognition (Realization) concept✓
- 2Dual Aspect concept
- 3Matching concept
- 4Cost concept
Correct answer
Revenue Recognition (Realization) concept
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