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The advance payment should be reported in the manufacturer’s current-year statement of financial position as a(n)
A. Current liability.
B. Non-current liability.
C. Contra asset amount.
D. Accrued revenue.
It will be a liability for the manufacturer books for current year.
The advance payment should be reported in the manufacturer’s current-year statement of financial position as a Current liability.
A is the right option ....................................
Any Liabilities that that has maturity period of one year or less than one year should be treated as Current Liabilities so the manufacturer company have to book such type of entries as a Current Liabilities.
A. Current Liabilities as Advances Received.
answer A is the correct answer
Current liability because accounting to IAS18 risk and rewards are not transfer to the buyer and secondly there is still an involvement of manufacturing company.
Option A is the right answer.
Answer is
>>>A) Current liability,actually it is an unearned revenue.
D. Decrease in shareholders’ equity. since the goods will be delivered within a period of less than12 months.
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