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For a no-trading concern,Subscription received in advance is.? A)An Income B)An Expense C)A Liability D)An Asset

Accounting Accounts Payable Accounts Receivable Internal Audit
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Question added by Siraj vannathamkandy , Senior Accountant , Gulf Business Center
Date Posted: 2013/12/05
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Muhammad Faheem
by Muhammad Faheem , Consultant- Accounts, Audit & Taxation , Basim Associates

Obviously, it is a liability. When an income received in advance it is treated as liability.

C- A liability 

Mohammad Tohamy Hussein Hussein
by Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

Liability

Faheem Abbas
by Faheem Abbas , Sr. Document Controller , AMO & Partners Engineering Consultant Co.

Subscription received in advance is treateed as Liability

Shawky Farrag
by Shawky Farrag , Certified International trainer, workshop facilitator, executive coach & motivational speaker , Training Institutes, Audit and Consultancy Firms, and other organizations

The answer is C) A Liability

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