Maharashtra State BoardHSC Arts 11th
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State True or False with reasons : Income due but not received is a liability. - Book Keeping and Accountancy

MCQ
True or False

State True or False with reasons :
Income due but not received is a liability.

Options

  • True

  • False

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Solution

This statement is False.
When any amount/income is receivable, it is an asset for business.
Concept: Profit and Loss Account
  Is there an error in this question or solution?
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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 9 Final Accounts of a Proprietary Concern
Exercise Q.4 | Q 3 | Page 317
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