What are Rent Received in Advance and Rent Paid in Advance based on the definitions of the five basic financial accounting elements as well as the recognition of Income and Expenses under Accrual Accounting

A. Revenue; Asset B. Asset; Expense C. Asset; Asset D. Liability; Asset

Which of the following statements is correct?

A. Payments for immediate consumption of economic benefits are recognised as assets B. Receiving contribution from the owners of a business is an investing activity that increases owners investment in the business C. Cash purchases of inventory increase equity D. None of the above

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