Subscription in arrears are ___
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Correct Answer: Option C
Explanation:
Subscription in arrears refers to income earned in the current period but not yet received by the end of the period.
It must be:
Credited to the Income and Expenditure Account (because it's income related to the current year).
Shown as an asset in the Balance Sheet (since it's money owed to the organization).
Subscription in arrears refers to income earned in the current period but not yet received by the end of the period.
It must be:
Credited to the Income and Expenditure Account (because it's income related to the current year).
Shown as an asset in the Balance Sheet (since it's money owed to the organization).